Three Arrows Capital’s 37 NFTs sold for US$4.6 million loss at Sotheby’s amid crypto winter that has seen sales plummet
- The hedge fund, which filed for bankruptcy last year, sold the NFTs for US$10.9 million after buying them in 2021 for US$15.5 million worth of cryptocurrency
- The most expensive item ‘Ringers #879 (The Goose)’ by Canadian artist Dmitri Cherniak sold for US$6.2 million
A set of non-fungible tokens previously bought by bankrupt cryptocurrency hedge fund Three Arrows Capital sold for US$10.9 million at Sotheby’s in New York on Thursday, the auction house said.
Three Arrows Capital, which filed for US bankruptcy a year ago, spent US$15.5 million worth of cryptocurrency on the 37 NFTs in a series of purchases in July and August 2021, data from blockchain tracker DappRadar showed.
The most expensive item “Ringers #879 (The Goose)” is part of a series of 1,000 computer-generated abstract images by Canadian artist Dmitri Cherniak.
It sold for US$6.2 million on Thursday, Sotheby’s said, having been bought by Three Arrows Capital for around US$5.9 million in August 2021 according to DappRadar data.
“We see a growing interest and more non-crypto, non-NFT collectors starting to really understand the quality and why it’s interesting,” said Michael Bouhanna, head of digital art and NFTs at Sotheby’s.
NFTs only exist in digital form and anyone can view them online for free, but many of the items in the auction are accompanied by physical print copies which buyers can display, Bouhanna added.
