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Sotheby’s Sets New Record with Three Arrows Capital’s NFT Collection Auction

Sotheby's Sets New Record with Three Arrows Capital's NFT Collection Auction
Sotheby's Sets New Record with Three Arrows Capital's NFT Collection Auction

In a recent event that has set new records in the digital art world, Sotheby’s, the renowned auction house, successfully auctioned off an exceptional NFT collection previously owned by Three Arrows Capital (3AC), a now-dissolved crypto hedge fund. The auction, held three months after the hedge fund’s liquidator announced the decision to sell part of its vast digital art portfolio, fetched nearly $2.5 million.

Sotheby’s Metaverse Leads the Way in NFT Auctions

The auction was handled by Sotheby’s Metaverse, the auction house’s specialized division for digital art. It comprised of seven standout NFTs from 3AC’s prestigious Grails Collection. Among these, Fidenza #725, a unique piece by Tyler Hobbs, sold for a whopping $1.01 million, outperforming its initial estimate of $120,000-$180,000 by over five times. Another highlight was Larva Labs’ Autoglyph #187, which commanded $571,500, again surpassing its expected price.

A Collection of Valuable and Diverse Digital Art Pieces

Additional NFTs that contributed to the impressive total sale included Crypto Punk #1326 from Larva Labs ($165,000), Ringers #194 ($152,400), Series 1: Angular – Token 134 by 0xDEAFBEEF ($241,300), Ringers #375 ($95,250), and Fidenza #861 ($241,300). Each piece from the Grails Collection exceeded its estimated price, emphasizing the collection’s high value and the continued interest in NFTs.

Sotheby’s describes the Grails Collection as a selection of the rarest and most coveted digital works from esteemed creators, further boosting its appeal in the digital art market.

Also read: Australia’s Major Stock Exchange Bans Blockchain

The Unique Allure of Grails Collection

Of note is the distinction between the auctioned Grails Collection and the highly prized NFT portfolio of 3AC’s Starry Night Capital, which adds an element of exclusivity to the Grails Collection, setting it apart in the digital art landscape.

An Evolving Market for Digital Art

This monumental auction event underscores the rising popularity and perceived value of NFTs among collectors and investors. It marks a new milestone in the evolving story of digital art and blockchain technology, emphasizing their capacity to reshape conventional markets.