Home NFTs 3AC NFT Collection Sold For $2.4 Million At Sotheby’s Auction!

3AC NFT Collection Sold For $2.4 Million At Sotheby’s Auction!

3AC NFT Collection Sold For $2.4 Million At Sotheby’s Auction!

Following the prior bankruptcy of the company, an NFT collection of ‘grails’ previously owned by 3AC (Three Arrows Capital) was sold at auction for a staggering $2.4 million, via top auctioneer Sotheby’s. Within the rare group of tokens were a Fidenza and Autoglyph, which garnered the most attention.

Quick Takes

  • Sotheby’s auction sold NFTs from bankrupt crypto hedge fund 3AC for $2.48 million.
  • The collection, known as “Grails,” was purchased and gathered mainly in 2021.
  • The top pieces sold for more than double their initial estimated value.

The Auction Details

On Friday, the NFTs of crypto hedge fund, 3AC, were sold for $2,482,850 via a highly-contested Sotheby’s auction. The British/American auctioneers dedicated a multi-part sale to the assets.

Sotheby’s referred to the collection as “some of the most significant digital artworks ever assembled.”

Within the groundbreaking collection was Fidenza #725, which, initially valued at an estimated $120,000-$180,000, eventually sold for just over $1 million. Also, Autoglyph #187 (valued similarly), fetched over $500,000. It is clear that the pieces were well-sought after, due to the staggering sales figures much over the initial estimates.

The collection, known simply as ‘Grails’, was purchased and gathered mainly in 2021 as part of the crypto hedge fund’s vast portfolio. As well as the aforementioned Fidenza and Autoglyph pieces, another five were sold. However, Sotheby’s didn’t sell the entire collection. This means that there are still some to go, which may be sold privately, or through another public auction.

In contrast to the initial valuation, Deep NFT Value, an analysis tool, had differing opinions. Its machine-based learning tool estimated the top two pieces to be worth $335,000 and $373,800 apiece.

Deep NFT Value’s CEO, Nikolai Yakovenko, told Coindesk about the estimations. He said: “My understanding is that the estimates are meant to be low so that they get beaten. In the case of the Ringers and Fidenzas, [Sotheby’s] are making an estimate perhaps above the operating floor price, but well below the premium they expect.”

About 3AC and their NFTs

Three Arrows Capital (3AC) were a Singapore-based crypto hedge fund. They were known in the community for amassing a huge-name NFT collection valued in the millions.

3AC was one of, if not the, first major crypto firm to go bankrupt in 2022. May saw the collapse of the company due to the falls of cryptocurrencies, Luna and TerraUSD, which shook the entire industry. They eventually filed for bankruptcy in the British Virgin Islands during July of the same year.

Upon the company’s bankruptcy last year, their liquidators, Teneo, later published a notice revealing its intent to sell all of their ‘Grail’ pieces.

In 2021, the hedge fund set up a portfolio in partnership with NFT influencer, Vincent Van Dough, appropriately titled ‘Starry Night Capital’. This group of NFTs is not related to the current sale of tokens.

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