Sotheby’s Auction of 3AC’s NFT Collection Raises $2.5 Million
Luxury auction house Sotheby’s has achieved a significant milestone in the world of non-fungible tokens (NFTs). The company successfully raised $2.5 million through the sale of NFTs from the now-defunct crypto hedge fund Three Arrows Capital (3AC).
Among the sold pieces was Fidenza #725, a digital collectible crafted by artist Tyler Hobbs, which fetched an impressive auction price of over $1 million during Sotheby’s Contemporary Day Sale.
#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
The unveiling of the 3AC NFT collection, dubbed the “Grails” NFT collection, took place on May 19, 2023. Sotheby’s, taking to Twitter on Friday afternoon, announced that the Fidenza #725 NFT by Tyler Hobbs fetched an astonishing $1,016,000, almost five times the high estimate. The auction drew attention to the world of digital art and its growing value.
Other notable NFTs in the collection also garnered substantial bids. Larva Labs’ NFT Autoglyph #187 secured the second-highest bid, reaching $571,500. Larva Labs’ Crypto Punk #1326 found a buyer at $165,000, while Ringers #194 fetched $152,400. Dmitri Cherniak’s Ringer #879, known as the “Golden Goose” or simply the “Goose,” will be up for live auction on June 15 in New York. In addition, an onchain artwork crafted by @0xdeafbeef achieved a price of $241,300 in the Contemporary Day Sale.
However, amid the success of the auction, the co-founder of 3AC, Kyle Davies, took to Twitter to express his excitement by stating, “NFT grails mooning on Sothebys.” This tweet faced backlash and criticism due to 3AC’s alleged misconduct in mismanaging investor funds. One individual sharply responded, urging Davies to prioritize returning money to the affected individuals. Notably, Davies and co-founder Su Zhu recently launched OPNX, an exchange facilitating the exchange of claims from bankrupt crypto firms.
Sotheby’s achievement in generating $2.5 million through the sale of 3AC’s NFT collection highlights the growing prominence and value of digital art in the art market. As NFTs continue to gain traction, their potential to revolutionize the art industry and provide new avenues for artists and collectors becomes increasingly evident.
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