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During a grand event, a recent <\/span>Sotheby\u2019s NFT<\/span><\/a> auction obtained a whopping $2,482,850, selling several rare assets from the defunct cryptocurrency hedge fund, Three Arrows Capital (<\/span>3AC<\/span>) \u2014 recovering a significant portion of funds lost in the bankruptcy.<\/span><\/p>\n Sotheby\u2019s auction initiated the sale of high-value NFTs from the iconic Grails collection<\/a>. These collectibles were initially acquired as a significant part of 3AC\u2019s digital asset portfolio during the peak of non-fungible tokens in 2021. However, they did not prevent the Singapore-based hedge fund from unveiling its debt default in July of the same year.<\/span><\/p>\n The liquidator behind 3AC,\u00a0<\/span>Teneo<\/span><\/a>, publicly announced plans to auction a vast amount of its NFTs in February, valuing the pieces to hit more than six figures as a result of containing \u201csome of the most crucial digital art pieces ever created\u201d: Tyler Hobbs\u2019 Fidenza #725, Dmitri Cherniak\u2019s Ringers #375, Larva Labs\u2019 Autoglyph #187, CryptoPunk #1326, among others.<\/span><\/p>\n \u201cThis meticulously selected collection showcases the works of four leading artists who are pushing the boundaries of contemporary algorithmic art,\u201d commented Sotheby\u2019s in its\u00a0<\/span>catalog description<\/span>.<\/span><\/p>\n Several generative art pieces were auctioned at the renowned international auction house. The most significant collectibles were Fidenza #725 and Autoglyph #187, selling for a whopping $1,016,000 and $571,500 \u2014 despite being valued at $335,000 and $373,800 by <\/span>Deep NFT Value<\/span>.<\/span><\/p>\n #AuctionUpdate<\/a>: Impressive in its striking rhythm and movement, Tyler Hobb\u2019s \u2018Fidenza #725\u2019 has just sold for $1,016,000, almost 5 times the high estimate. #SothebysGRAILS<\/a>https:\/\/t.co\/6cWWdxm6H8<\/a> pic.twitter.com\/XfFWge2fbd<\/a><\/p>\n \u2014 Sotheby’s Metaverse (@Sothebysverse) May 19, 2023<\/a><\/p>\n<\/blockquote>\n More of 3AC\u2019s NFTs are set to be unveiled throughout future auction phases and private sales. Interestingly, they will not feature the <\/span>Starry Night Capital NFT portfolio<\/span>, jointly established by 3AC and the iconic NFT collector Vincent Van Dough prior to the financial collapse.\u00a0<\/span><\/p>\n Want more? Connect with NFT Plazas<\/b><\/p>\n Join the Weekly Newsletter *All investment\/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.<\/em><\/small><\/p>\n Self-proclaimed digital art fanatic who brings a unique perspective to NFT news.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\nSotheby\u2019s 3AC NFT Auction<\/span><\/strong><\/h2>\n
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