NFT seized from bankrupt Three Arrows, sold for over 300 million yen | coindesk JAPAN | Coindesk Japan

Auction giant Sotheby’s has announced on May 19 that it has seized a rare rare item from the vast collection of bankrupt cryptocurrency hedge fund Three Arrows Capital (3AC). Finished the auction of several NFTs. The selling price is 2,482,850 dollars (approximately 335 million yen, converted to 135 yen to the dollar), which will be used to liquidate the bankruptcy.

The auction was dubbed the “Grails” collection and consisted primarily of NFTs collected by Three Arrows Capital in 2021.

Singapore-based Three Arrows Capital will file for bankruptcy in July 2022. In February 2023, bankruptcy trustee Teneo announced its intention to sell a large number of NFTs estimated to be worth millions of dollars.

Sold as a chalice collection

Sotheby’s described the auction as “the most important piece of digital art ever collected”. The exhibited NFTs are 7 pieces of generative art works: Fidenza No.725 by Tyler Hobbs, Ringers No.375 by Dmitri Cherniak, Larva Labs ) created by Autoglyph No.187 and CryptoPunk No.1326.

“This meticulously selected collection includes works by four major artists who are pushing the boundaries of contemporary algorithmic art,” Sotheby’s said in its auction catalogue.

In the future, more NFTs from the Three Arrows Capital collection will be phased in through auctions and private sales.

Fidenza No.725 at $1,016,000 and Autoglyph No.187 at $571,500 were the highest bidders this time. Both were expected to fetch between $120,000 and $180,000, but were well above that.

Evaluate the value of NFTs

DeepNFTValue, a machine learning tool that analyzes high-value NFTs, estimates the value of Fidenza No.725 at 184.4 ETH (about $335,000) and Autoglyph No.187 at 205.7 ETH (about $373,800). DeepNFTValue analyzes the value of NFTs based on their past sales, current market conditions, and rarity characteristics of each collection.

“The expected winning bid will likely be set lower so that the auction will bring higher prices,” Nikolai Yakovenko, CEO of DeepNFTValue, which developed the tool, told CoinDesk.

The NFT of Starry Night Capital, a fund established by Three Arrows Capital in partnership with renowned NFT collector Vincent Van Dough in August 2021, It is not included in future Sotheby’s sales plans.

｜Translation: coindesk JAPAN
｜Editing: Rinan Hayashi
｜Image: Autoglyph No.187 (left), Fidenza No.725 (right) (Larva Labs/Art Blocks, modified by CoinDesk)
｜Original: Sotheby’s Auctions Part of 3AC’s Rare NFT Collection, Bringing In $2.4 Million