Sotheby’s Auctions Part of 3AC’s Rare NFT Collection, Bringing In $2.4 Million

The NFT Unicorn 0f1ee7bbd0492627e9592454da5ff44ebbc6debf Sotheby's Auctions Part of 3AC's Rare NFT Collection, Bringing In $2.4 Million NFT News

Sotheby’s on Friday concluded its sale of several rare non-fungible tokens (NFTs) seized from bankrupt crypto hedge fund Three Arrows Capital (3AC) expansive collection, bringing in $2,482,850 to recoup some of the lost funds.

The auction house launched its multi-part sale featuring NFTs from the Grails collection, formed as part of 3AC’s asset portfolio primarily in 2021. The Singapore-based hedge fund filed for bankruptcy in July.

Teneo, 3AC’s liquidator, published a notice in February outlining its intent to sell an expansive list of NFTs estimated to be worth millions.

Sotheby’s refers to the contents of the Grails collection as “some of the most significant digital artworks ever assembled.” NFTs that were on the auction block this round included generative art pieces, like Tyler Hobbs’ Fidenza #725 and Dmitri Cherniak’s Ringers #375. Larva Labs-created Autoglyph #187 and CryptoPunk #1326 are also included in the sale.

“This meticulously selected collection showcases the works of four leading artists who are pushing the boundaries of contemporary algorithmic art,” Sotheby’s writes in its catalog description.

In total, there were seven generative artworks on offer. More NFTs from 3AC’s collection will be released in chapters through auctions or private sales in the future.

The highest-priced NFTs from Part 1 of the Grails collection are Fidenza #725, which was estimated to sell for $120,000-$180,000 and Autoglyph #187, which was estimated at $120,000 to $180,000. The NFTs sold for $1,016,000 and $571,500 respectively.

Valuing NFTs

Deep NFT Value, a machine learning tool that analyzes high-value NFTs by exploring previous sales of the digital assets, current market conditions and the unique rarity traits of each collection, estimated that Fidenza #725 was worth 184.4 ETH, or about $335,000. Autoglyph #187, the other highest-value ticket item, was estimated to be worth 205.7 ETH or about $373,800.

“My understanding is that the estimates are meant to be low so that they get beaten,” said Nikolai Yakovenko, CEO of Deep Value NFT, told CoinDesk. “In the case of the Ringers and Fidenzas, [Sotheby’s] are making an estimate perhaps above the operating floor price, but well below the premium they expect.”

The upcoming Sotheby’s sales are not related to Starry Night Capital’s impressive NFT portfolio, which was set up by 3AC in partnership with well-known NFT collector Vincent Van Dough in August 2021.

Source: Crypto News