Sotheby’s will sell Blue-Chip NFTs seized from 3AC from May

Neither the author, Tim Fries, nor this website, The Tokenist, provides financial advice. Please consult our online policy before making a purchase.

Sotheby’s, one of the world’s best art dealers. announce on Wednesday, April 19, which plans to sell a collection of blue-chip NFTs seized from the bankrupt cryptocurrency hedge fund Three Arrows Capital. The collection called “Grails” is described by the company as “exclusive” and will go on sale on May 19th.

3AC’s Prized NFT Collection will go on sale on May 19th

This Wednesday, Sotheby’s, one of the world’s largest art dealers, announced that it will soon put its “Grails” NFT collection up for auction. The collection consists of non-fungible tokens seized after 3AC, founded by Su Zhu and Kyle Davies, went bankrupt and has been described as “unique” and containing “one of the world’s greatest works of art”. assembled”.

The sale begins on May 19 during the Marquee Sale Week at Sotheby’s New York but will take place at many events, in many places throughout the year. “Grails” consist of popular NFTs from various collections. For the most part, 3AC has been at the height of the crypto bull market.

Unlock some of the rarest and most important works from the most sought after Digital Art markets like Dmitri Cherniak’s Ringers #879 (aka “The Golden Goose”), Snowfro’s full spectrum Chromie Squiggle #1780 , Tyler Hobbs’ small-scale Fidenza #725, Larva Labs’ Zombie CryptoPunk #6649 and Autoglyphs. Like true grails, these works – and the entire Collection – represent some of the best of the Contemporary Digital Art and Generative era.

In February, the liquidator of 3AC of Teneo issued an announcement indicating his intention to sell the NFTs he received from the bankrupt company. Three Arrows Capital is a Singapore-based hedge fund that collapsed in July 2022 after suffering heavy losses following the collapse of LUNA in May.

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NFTs entering the world of art

Although NFTs have demonstrated their popularity as digital collections, their status as art is a hotly debated topic. Despite their disappearance in the period after the “crypto winter” of 2022, non-fungible tokens are closer to being seen as a valid image than before.

In February of 2023, an NFT developer named Cozomo de Medici, a play on the name of the famous Renaissance Maecenas, revealed that he donated a collection of 22 pieces to the Los Angeles County Museum of Art ( LACMA). This year also saw the non-fungible signs that will have a place in the Museum of Modern Art (MoMA) in New York with the exhibition of the collection “Unsupervised” by Refik Anadol.

Last November also saw the start of the “Punks Legacy Project” created by Yuga Labs and continued by Yuga and Larva Labs with the contribution of Autoglyph #25 and Cryptopunk #110 to Paris’ Center Pompidou. NFTs have also seen, in recent months, a resurgence of popular business – a new trend driven mainly by the emergence of Bitcoin Ordinals and the expansion of aggregator markets.

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For the author

Tim Fries is the founder of The Tokenist. He has a B. Sc. in Mechanical Engineering from the University of Michigan, and an MBA from the University of Chicago Booth School of Business. Tim served as a Senior Associate in the investment team at RW Baird’s US Private Equity division, and is also the founder of Protective Technologies Capital, an investment firm specializing in detection, protection and remediation. .

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