Rare NFT Collection of 3AC Sold Off for $2.4 Million at Sotheby’s Auction

Just as the auction market was in need of a much-needed boost that had not been forthcoming for several months, is when Three Arrows Capital stepped up to sell its premium NFT collection for a staggering $2.4 Million. The event took place at Sotheby’s Auction in New York, where people showed unwavering interest in purchasing digital art. 

This collection of NFTs was famously termed “Grails,” which in NFT language meant historical NFTs that possess immense value. Within this group, Fidenza and Autoglyph amassed the most attention among all auctioneers. Later, even Sotheby claimed this Auction to be a landmark occasion where the most digitally enhanced artwork is brought together. 

History of 3AC and their NFT Assemblage

It surprised many when 3AC announced its intention to sell its premium “Grail” collection of NFTs. Prior to this, 3AC had filed for bankruptcy in 2022, affecting Sotheby’s Auction. It was a Singapore-based crypto hedge fund that rose in popularity due to having a huge NFT collection worth millions. 

Last year, the crypto market underwent a sudden demise of a well-known cryptocurrency called Luna and its stablecoin Terra USD. This led to crashes everywhere across the crypto space, resulting in huge liquidity pools. Moreover, the crypto exchanges and platforms were the ones who got mostly affected. 

Thus, eventually, 3AC filed for bankruptcy because it did not have enough funds to keep the company afloat. One of the liquidators, Tenoa of 3AC, was the first to break this news regarding their aim to sell the “Grail” collection. 

Inside Look of Sotheby’s NFT Auction

In this “Grail” NFT collection offered for sale at Sotheby’s Auction, seven different types of NFTs were sold. Among those, Fidenza, valued at $120,000-$180,000, went for $1 Million. At the same time, Autoglyph bagged almost $500,000. 

Those were the two most costly purchases in the Auction, where five more were added to that list later. Even though there were more NFTs in the collection, not all of them got sold on the first day. Hence, few others could return later for auctioneers to try and claim their preference. 

Previously, Sotheby’s never truly found success regarding their NFT sales. But after this amazing experience of selling high-end NFTs, Sotheby is looking to explore its market more deeply. Moreover, it could also expand its NFT marketplace to wider ranges. 

Meanwhile, smart contracts are also being discussed in Sotheby’s to help digital artists generate secondary sale revenue out of their work. A unique machine learning tool called Deep NFT Value predicts NFT prices based on their previous sales values. According to them, Fidenza was supposed to go at $335,000, whereas Autoglyph should have reached the maximum of $373,800. 

Conclusion

Sotheby’s Auction indicates that people are still willing to purchase NFTs after their recent downturn in performance. Through these NFT sales, 3AC will return the money generated back to their creditors and other lenders affected by bankruptcy.