Seven NFTs of bankrupt Three Arrows Capital were sold at auction site Sotheby’s for $2.5 million.
In the crashes of the cryptocurrency market, billions of dollars of assets evaporated. Companies affected by these collapses went bankrupt and faced an obligation to pay their creditors. Three Arrows Capital, one of the bankrupt companies, is trying to sell its assets to meet its payment obligation.
Finally, Three Arrows Capital sold its 7 NFTs for $2.5 million through Sotheby. One of these NFTs was paid $1 million.
Three Arrows Capital’s NFTs Revealed
$2.5 million was paid to 7 NFTs of bankrupt crypto company Three Arrows Capital.
Cryptocurrency hedge fund Three Arrows Capital went bankrupt after the Luna and TerraUSD crashes. The company, which later entered the liquidation process, continues to sell assets to fulfill its obligation to pay its creditors. Teneo, one of the court-appointed liquidators, said such NFT auctions were part of the liquidation process.
7 NFTs, which were put up for sale at Sotheby’s as part of the liquidation process, were bought for $2.5 million. One of these NFTs, Fidenza #725, received an offer of over $1 million. This NFT has undertaken the 50 percent share of the entire sale.
According to DappRadar, Fidenza #725 was purchased in 2021 for $341,000. Also, The Block was holding a total of $22 million in NFT assets on the day the company went bankrupt.
Market turmoil and the heaviness of the bear market may have caused these NFTs to lose value as well.
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