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Sotheby\u2019s, one of the world\u2019s oldest and largest auction houses, announced on Friday the auction of seven NFTs that belonged to the bankrupt cryptocurrency hedge fund, Three Arrows Capital (3AC)<\/a>.\u00a0<\/p>\n The auction saw the collection of digital art pieces being sold for an impressive sum of approximately $2.5 million. This significant event was a testament to the continuing relevance and value of NFTs, even amid the collapse of their original owning entity.<\/p>\n Of the seven auctioned NFTs, one that stood out was a digital piece titled \u201cFidenza #725<\/a>\u201c. This digital art, with its unique composition of graphic dashes and curves displayed in a muted palette of cream, yellow, pink, and black, was the showstopper. It not only attracted the highest bid but was eventually sold for a whopping sum of over $1 million.<\/p>\n Three Arrows Capital had purchased this piece for 135 Ether in 2021, which was approximately equal to about $341,786 at that time. This means that the selling price at the auction represented an almost threefold increase from the original purchase price, highlighting the potential profitability of the NFT market.<\/p>\n The auction of 3AC\u2019s NFTs was part of the broader liquidation process for the hedge fund. According to a memo released in February by Teneo, one of the court-appointed liquidators, 3AC\u2019s assets were being liquidated following its bankruptcy filing.<\/p>\nThe Spotlight on Fidenza #725<\/h2>\n
Three Arrows Capital: A Case of Crypto Bankruptcy<\/h2>\n