Three Arrows’ NFT Collection Sold for $11 mn
A digital art collection originally owned by the defunct cryptocurrency hedge firm Three Arrows Capital has fetched about $11 million at Sotheby’s in New York, setting a new auction record for works sold as non-fungible tokens amid a general decline in demand for comparable assets.
Among the 37 artworks available for purchase with bitcoin were Dmitri Cherniak’s “Ringers #879,” also known as “The Goose.” It sold for $6.2 million to enthusiast @punk6529, making it the second-most valuable work of generative art ever sold, behind another of Cherniak’s creations, according to the auction house.
The transaction comes only weeks after Sotheby’s received $2.5 million for a smaller batch of NFTs owned by Three Arrows, which declared bankruptcy in the United States in July after crypto exchange Deribit claimed it owed it $80 million. According to the Financial Times, the formerly Singapore-based fund owes creditors more than $3 billion.
(With inputs from Shikha Singh)
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