June 6, 2023

Sotheby's auction house to put up for sale owned by Three Arrows Capital NFT

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Sotheby's auction house to put up for sale owned by Three Arrows Capital NFT

The oldest auction house Sotheby's will put up for sale a collection of digital works of art that belonged to the bankrupt cryptocurrency hedge fund Three Arrows Capital.

The auction will feature non-interchangeabletokens included in the Digital Collection of Three Arrows Capital (TAC) in 2021. Items on sale will include zombies from the CryptoPunk #6649 and Autoglyph #187 collections from Larva Labs, as well as Dmitry Chernyak's The Golden Goose. In August 2021, it was acquired by Three Arrows Capital co-founders Su Zhu and Kyle Davies for 1,800 Ether.

“This collection marks an important moment indevelopment of art created with the help of blockchain. Three Arrows Capital has been acquiring some of the finest and rarest work available on the market. Since becoming a genuine pop culture phenomenon, NFTs have continued to attract the attention of major international organizations,” said Michael Bouhanna, head of digital art at Sotheby’s.

Three Arrows Capital fund went bankrupt in 2022year against the background of the fall of the cryptocurrency market. TAC liquidator Teneo talked about plans to sell the digital collection back in February to realize the potential liquidation value of NFTs. The liquidators of the cryptocurrency lender identified and returned the assets of the company. Later, it was decided to cooperate with the Sotheby's auction house for the sale of collectible tokens.

After the collapse of Three Arrows Capital, locationco-founders of the hedge fund remains unknown. However, they continue to actively use social networks and even announced the launch of a new Open Exchange project, a platform for trading cryptocurrency claims.