Luxury auction house, Sotheby's, successfully completed the sale of several rare non-fungible tokens (NFTs) on Friday. These particular NFTs were seized from the extensive collection of Three Arrows Capital (3AC), a cryptocurrency hedge fund that had declared bankruptcy. The auction proved to be highly lucrative, bringing in a noteworthy amount of $2,482,850. This successful sale signifies a notable milestone in the ongoing effort to recoup a portion of the funds that were lost.
The NFTs that were up for auction belonged to the "Grails" collection, which had been a notable part of 3AC's portfolio in 2021. Following 3AC's declaration of bankruptcy in July, Teneo, the designated liquidator, unveiled an extensive inventory of these highly coveted digital assets, estimated to be worth millions.
#AuctionUpdate: Impressive in its striking rhythm and movement, Tyler Hobb’s ‘Fidenza #725’ has just sold for $1,016,000, almost 5 times the high estimate. #SothebysGRAILShttps://t.co/6cWWdxm6H8 pic.twitter.com/XfFWge2fbd
— Sotheby's Metaverse (@Sothebysverse) May 19, 2023
Notably, the collection comprised NFTs crafted by renowned artists like Joshua Bagley, Dmitri Cherniak, and Tyler Hobbs. Furthermore, it featured sought-after NFTs in the market, including Cryptopunks and a piece from the Bored Ape Yacht Club (BAYC) series.
Sotheby's diligently curated a diverse array of artworks from various projects, ensuring an exceptional and all-encompassing auction experience. These offerings included creations from Tyler Hobbs' Fidenza project, Dmitri Cherniak's Ringers collection, as well as pioneering NFTs from Larva Labs, such as Autoglyph #187 and Cryptopunk #1326.
#AuctionUpdate: The 24 x 24 pixel, 8-bit-style CryptoPunk #1326 has just sold for $165,100. #SothebysGRAILShttps://t.co/KfyWI3tPJB pic.twitter.com/1hhLwTb3KG
— Sotheby's Metaverse (@Sothebysverse) May 19, 2023
The auction showcased seven generative artworks, each representing the convergence of art and technology in the digital era.
One of the biggest sales during the auction unfolded when Fidenza #725 fetched a sum of $1,016,000 USD, surpassing the initial estimated value range of $120,000-$180,000.
As indicated on Sotheby's official website, the gradual release of the Grails collection to the general public will occur through various sales formats, including private sales and auctions.