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    Bankrupt Hedge Fund Three Arrows Capital Sells NFT Assortment at $4.6M Loss in Sotheby’s Public sale for $10.9M

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    An NFT assortment beforehand acquired by the bankrupt cryptocurrency hedge fund Three Arrows Capital (3AC) lately fetched $10.9 million in an public sale at Sotheby’s in New York. The public sale included 37 NFTs bought by 3AC for $15.5 million value of cryptocurrency in 2021. 3AC’s digital artwork assortment on Sotheby’s was titled “Grails: Property from an Iconic Digital Artwork Assortment.”

    Bankrupt Hedge Fund Three Arrows Capital Sells NFT Collection at $4.6M Loss in Sotheby's Auction for $10.9M

    Among the many bought artworks was Ringers #879, “The Goose,” a digital piece by Dmitri Cherniak, which was a part of the digital portfolio assembled in the course of the top of the NFT market. The co-founders of 3AC, Su Zhu and Kyle Davies, acquired “The Goose” for 1,800 ETH, equal to about $5.8 million on the time. The art work consists of 1,000 computer-generated summary photographs. The NFT bought for $6.2 million in Thursday’s public sale that passed off on June 15.

    Different auctioned artworks from 3AC’s assortment included CryptoPunks #291, #6574, and #8950, in addition to Autoglyph #218 by Larva Labs. In response to experiences, the Punks had been bought for about $75,000 to $90,000 every.

    Dune Analytics knowledge depicted final yr that Three Arrows Capital owned $7.5 million value of NFTs, together with Bored and Mutant Apes, PEGZ, and Artwork Blocks. Nonetheless, these NFTs weren’t included within the public sale.

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    Following the downfall of cryptocurrencies Luna and TerraUSD, Singapore-based Three Arrows Capital turned the primary main crypto agency to declare chapter in 2022.

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