{"id":8420,"date":"2023-06-16T00:30:53","date_gmt":"2023-06-16T00:30:53","guid":{"rendered":"https:\/\/nft.runfyers.com\/index.php\/2023\/06\/16\/three-arrows-capitals-nft-collection-sold-for-almost-11mn-at-auction\/"},"modified":"2023-06-16T00:30:53","modified_gmt":"2023-06-16T00:30:53","slug":"three-arrows-capitals-nft-collection-sold-for-almost-11mn-at-auction","status":"publish","type":"post","link":"https:\/\/nft.runfyers.com\/index.php\/2023\/06\/16\/three-arrows-capitals-nft-collection-sold-for-almost-11mn-at-auction\/","title":{"rendered":"Three Arrows Capital\u2019s NFT collection sold for almost $11mn at auction"},"content":{"rendered":"

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A digital art collection previously owned by the collapsed cryptocurrency hedge fund Three Arrows Capital has brought in almost $11mn at Sotheby\u2019s in New York, setting a new auction record for works sold as non-fungible tokens despite a broader downturn in demand for similar assets.<\/p>\n

The 37 artworks, which bidders could pay for with cryptocurrency, included Dmitri Cherniak\u2019s Ringers #879, known as \u201cThe Goose\u201d. It sold for $6.2mn to enthusiast @punk6529, which the auction house said made it the second most valuable work of generative art ever sold, behind another of Cherniak\u2019s works. <\/p>\n

The sale came weeks after\u00a0Sotheby\u2019s fetched $2.5mn for a smaller batch of NFTs owned by Three Arrows, which filed for bankruptcy in the US last July, after crypto exchange Deribit claimed it had failed to repay<\/a> $80mn. The formerly Singapore-based fund owes more than $3bn to creditors.<\/p>\n

Three Arrows had risen to prominence during the height of the crypto<\/a> bull market that peaked in November 2021, borrowing large sums of money to make substantial bets on digital currency, before becoming a casualty of the sector\u2019s spectacular implosion in the summer of 2022.<\/p>\n

Some of the NFTs owned by Three Arrows were sold privately in recent weeks, bringing the total amount raised by Sotheby\u2019s for the collection to almost $17mn, including fees. Thursday\u2019s live auction attracted nearly 1,000 bids from 17 countries, the auction house said in a statement, with more than half of those participating under the age of 40.<\/p>\n

The enthusiasm from collectors contrasts with a sharp decline in demand for NFTs in the broader market, which peaked in January 2022, when monthly sales volume topped $16bn, according to data from Chainalysis. Last month, total sales reached a mere $867mn by comparison.<\/p>\n