Three Arrows Capital's NFT Collection Set for Sotheby's Auction in Attempt to Repay Creditors
Sotheby's is preparing to host an auction for a collection of non-fungible tokens (NFTs) seized from now-defunct crypto hedge fund Three Arrows Capital.
In a Wednesday press release, Sotheby's revealed that it will auction the Grails collection, which is comprised of digital artwork that belongs to 3AC and its Starry Night Capital NFT-collecting fund, in a bid to recoup a portion of the $3 billion the collapsed crypto fund owes to creditors.
Sotheby's referred to the contents of the Grails collection as "some of the most significant digital artworks ever assembled," describing "Grails" as an “unparalleled collection.”
The collection includes NFTs from some of the most notable artists and valuable projects in Web3.
Specifically, users would be able to take their chance at winning “Chromie Squiggle #1780” by Snowfro, “The Golden Goose” by artist Dmitri Cherniak, Tyler Hobbs’ small-scale Fidenza #725, Larva Labs’ Zombie CryptoPunk #6649, and Autoglyphs.
"This expansive collection marks an important moment in the rise of generative art on the blockchain in 2021, and was guided by the 3AC ethos of acquiring the some of the highest quality and rarest works available on the market," Sotheby’s Head of Digital Art and NFTs Michael Bouhanna.
As reported, Teneo, the advisory firm overseeing the liquidation of 3AC, announced earlier this year that it plans to sell off the firm's NFTs as part of recovery efforts.
“The Joint Liquidators intend to take steps to commence the sale of certain NFTs in their possession and control and which are beneficially owned and belonging to Three Arrows Capital,” the firm said in a memo.
According to data compiled by Dune Analytics, which tracks 3AC’s NFTs held by the liquidator, the collection is worth $21
Read more on cryptonews.com
