• Three Arrows Capital (3AC) recently sold a collection of non-fungible tokens (NFTs) for $10.9 million in a New York auction held on June 15.
• The collection was acquired in several rounds of purchase by 3AC between July and August 2021, costing them $15.5 million in crypto currency.
• The most valuable NFT from the collection, “The Goose” (Ringer #879), fetched an impressive $6.2 million – $0.3 million higher than what 3AC had spent acquiring it originally.
Three Arrows Capital’s Non-Fungible Tokens Sold at Auction
Recent information disclosed by Sotheby’s auction house reveals that the digital collectibles owned by Three Arrows Capital (3AC) were sold for a total of $10.9 million in a New York auction held on June 15th. This comes after 3AC filed for Chapter 11 bankruptcy and liquidated its assets to pay its creditors earlier this year.
What are Non-Fungible Tokens?
Non-fungible tokens (NFTs) are unique digital collectibles that are connected to virtual or physical content, such as images, videos, artwork, or text fragments which serve as evidence of ownership for various items. In February this year plans were announced to make these NFTs available for sale through an auction hosted by Sotheby’s.
How Much Did the NFTs Fetch?
Data from blockchain tracker DappRadar suggests that 3AC had spent roughly $15.5 million worth of cryptocurrency to acquire the 37 NFTs over several rounds of purchases between July and August 2021 prior to filing for bankruptcy protection in 2022. The most valuable non-fungible token (NFT) from the collection owned by Three Arrows Capital was “The Goose,” featured as Ringer #879 in a series of 1,000 computer-generated abstract images which sold for an impressive amount – $6.2 million – which is approximately $0.3 million higher than what 3AC had initially spent acquiring it back in August 2021 last year . An additional seven NFTs also fetched an astounding sum of $2.5 million at the Sotheby’s auction held in May this year before the Ringer #879 sale took place .
Interest Growing Among Collectors
Michael Bouhanna , head of digital art and NFTs at Sotheby’s , said that he sees more non-crypto , non-NFT collectors starting to understand why these collectibles are interesting , indicating a growing interest among buyers . He further added : “We see a growing interest […]”