NFTs Belonging to 3AC Fetch Nearly $2.5 Million at Auction

Table of Contents

• 3AC Founders Embark on a New Venture

NFTs belonging to the bankrupt crypto firm Three Arrow Capital sold for close to $2.5 million at a Sotheby’s auction.

According to auction house Sotheby’s, seven non-fungible tokens (NFTs) belonging to bankrupt cryptocurrency firm Three Arrows Capital (3AC) fetched nearly $2.5 million at auction. The auction was part of 3AC’s liquidation, Teneo, one of the court-appointed liquidators, said in February.

The liquidator said it would sell the firm’s prized NFTs to help recoup the over $3.6 billion owed to 3AC’s creditors.

The NFT, which fetched the highest price at over $1 million, was “Fidenza #725,” an image with graphic curves and dashed in a muted palette of yellow, cream, black, and pink, news outlet Reuters reported. The firm purchased the NFT for 135 ether (ETH) in 2021, worth around $341,786 at the time.

3AC is said to have had an extensive collection of sought-after NFTs, including items from the Bored Ape Yacht Club, Mutant Ape Yacht Club, and Cryptopunks.

Cryptocurrency news site The Block reported 3AC’s assets worth an estimated $1 billion, and its NFT collection valued at about $22 million.

3AC Founders Embark on a New Venture

Amid the company’s liquidation, Three Arrows Capital co-founders Su Zhu and Kyle Davies announced the launch of a new cryptocurrency exchange – OPNX.

Zhu and Davies pitched the idea in January, with CoinFlex co-founder Mark Lamb joining the duo.

Three Arrows Capital is widely regarded as one of the crypto firms most severely affected by the 2022 crypto winter. Davies and Zhu admitted that the crisis and collapse of the Terra ecosystem, along with Bitcoin’s price drop below $20,000, eventually led to the firm's demise.

The co-founders have both been blamed for massive investor losses.

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