Sotheby’s to auction NFTs from Three Arrows Capital’s bankrupt investment vehicles amidst controversy with Terra Labs and FTX, revealing the impact on the crypto world.
When Three Arrows Capital (3AC) filed for bankruptcy in 2022, its investment vehicles came to a standstill. One of the most tumultuous years in the crypto world was caused by the controversy surrounding the crypto hedge fund, which was exacerbated by the Terra Labs and FTX scandal. The capital firm’s investment vehicles are looking to relocate, this time to a new owner, now that the dust has settled and the market has experienced fewer contagions. Famous auction house Sotheby’s is getting ready to auction off the extensive list of NFTs owned by the dysfunctional company.
NFTs from the Grails collection would be featured in a multi-part sale, Sotheby’s informed users on Wednesday, April 19. The collective had some of the rarest NFTs on the market, including CryptoPunks, Fidenzas, and more, and was a component of 3AC’s asset portfolio in 2021.
The auction house plans to start selling items from the collection during the Sotheby’s flagship sale in New York in May.
The following works of art are included in the extensive portfolio:
- Larva Labs’ Zombie CryptoPunk #664
- Dmitri Cherniak’s Ringers #879 (also called “The Golden Goose”)
- Snowfro’s full spectrum Chromie Squiggle #1780
- Tyler Hobbs’ small-scale Fidenza #725
- Cube Archetype #397 by Kjetil Golid and a one-of-one by Alpha Centauri Kid.
The artworks were regarded by Sotheby’s as “some of the very best of the Contemporary Digital Art and Generative era.”
Head of Digital Arts and NFTs at Sotheby’s, Michael Bouhanna, commented:
This expansive collection marks an important moment in the rise of generative art on the blockchain in 2021, and was guided by the 3AC ethos of acquiring the some of the highest quality and rarest works available on the market. Since that defining moment, when digital art and NFTs became a genuine pop culture phenomenon, generative art has continued to gain attention from a growing audience, including from major international institutions.
On the other hand, 3AC Founders Su Zhu and Kyle Davies recently started a cryptocurrency exchange while still evading law enforcement. The Rare Pepe series’ Pepenopoulos sold for $3.65 million, making it Sotheby’s most expensive NFT sale.
When the 3AC founders declared bankruptcy in July 2022, a large number of people suffered significant losses. Some of those losses might be covered by the NFT sale.