Sotheby’s to Auction Failed 3AC’s NFT Collection for $5M+

2. June 2023 admin 0 Comments

• Sotheby’s is hosting an auction of 37 “Grails” NFTs created by Three Arrows Capital, aiming to generate revenue in excess of $5 million.
• The collection was seized as part of the hedge firm’s bankruptcy proceedings last July and will feature works from renowned generative artists.
• The auction is expected to set a precedent for this booming market, with Sotheby’s Director of Digital Art and NFTs, Michael Bouhanna, praising the collection’s unique qualities.

Sotheby’s to Auction Failed 3AC’s NFT Collection

Sotheby’s has announced its plans to facilitate the auction of 37 “Grails” non-fungible tokens (NFTs) next month, promoted as the “most extensive live auction of digital art ever witnessed”. Created by failed crypto hedge firm Three Arrows Capital (3AC), the collection is expected to generate revenue exceeding $5 million – setting a remarkable precedent in this burgeoning market.

Mysterious Background

The previous possessor of these NFTs remains shrouded in mystery, being a prominent figure within the crypto venture capital and trading sphere who experienced a dramatic downturn last year. As part of bankruptcy proceedings which commenced in July, these NFTs were seized and presented at Sotheby’s auction this month.

Notable Artists

The collection features works from renowned generative artists such as Dmitri Cherniak, Tyler Hobbs and Larva Labs – showcasing their groundbreaking approaches towards digitally native artistic expression. Seven pieces from this selection fetched $2.5 million at Sotheby’s earlier this month – with Tyler Hobbs’ Fidenza #725 taking center stage.

Michael Bouhanna Praises Collection

Sotheby’s Director of Digital Art and NFTs, Michael Bouhanna, has expressed that the Grails collection has long commanded admiration and respect within the digital art realm – further underscoring its exceptional nature. He stated that it pays homage to distinguished artists who have propelled NFTs into the cultural mainstream; thus highlighting their conceptually innovative approaches to digitally native artistic expression.

Upcoming Auction

Another auction is scheduled for June 15th; offering bidders a chance to acquire some exceptional pieces from this unparalleled assortmentof digital artwork.