NFTs left over from Three Arrows Capital (3AC), one of the crypto companies that went bankrupt last year, are finding new buyers. The proceeds will be used to compensate some of the lost funds. NFT collections and price estimates to be sold are as follows…
NFTs of bankrupt 3AC up for auction
Three Arrows Capital plunged into the abyss last year due to poor risk management, recklessness in dealing with business partners, and excessive greed. Its bankruptcy began with the collapse of LUNA and the algorithmic stablecoin UST, of which 3AC occupies a prominent position.
The company is also reported to use high leverage through counterparty funds. Using ETH as collateral, they borrowed $189 million in USDC and USDT. However, they could not repay the loan. This caused a ripple effect with the company owed over $3.5 billion.
2/ Three Arrows Capital (3AC) is a crypto venture capital fund, lead by @zhusu and @KyleLDavies.
At their peak they were managing an estimated $18b in assets, ranking them in the top 3 VCs in the space.
Some of their most successful investments include: $AVAX, $NEAR and $ETH.
— Miles Deutscher (@milesdeutscher) June 17, 2022
A number of NFT collections are currently on sale, remaining to cover the losses caused by the company. In the latest news, Sotheby’s, which organized the auction, reported that several NFTs have completed their sale. NFTs found buyers for $2.4 million amid the ongoing bear market.
The auction house first launched its multi-part sale in 2021, which includes Grails NFTs that are part of 3AC’s portfolio.
NFT parts sold and their values
There were seven NFT artworks put up for auction. More NFTs from the 3AC collection are planned to be released in parts by auction in the future.
The highest priced NFTs from Part 1 of the Grails collection is Fidenza #725, which is estimated to sell for $120,000-180,000. Another is Autoglyph #187, which is expected to sell for $120,000-180,000. These NFTs were bought for $1,016,000 and $571,500, respectively.
One of the most significant collections of digital art ever assembled is coming to auction at Sotheby's across a series of multiple sales throughout 2023.
It all starts 19 May during the Marquee Sale Week at Sotheby’s New York. https://t.co/SrjdtubD3W #SothebysGRAILS pic.twitter.com/AoXRNAbUq7
— Sotheby's Metaverse (@Sothebysverse) April 19, 2023
Estimator Deep NFT Value estimates that Fidenza #725 is worth 184.4 ETH, or about $335,000. The other highest value NFT, Autoglyph #187, is priced at 205.7 ETH, or about $373,800.
Nikolai Yakovenko, CEO of Deep Value NFT, said, “I understand the estimates are kept low to get it. Sotheby’s is above the base price when it comes to Ringers and Fidenzas. However, he estimates well below the premium they expected.”
These NFTs could be next
Teneo, 3AC’s liquidator, shared in February an extensive list of NFTs estimated to be worth millions of dollars. The total value of the NFTs is approximately $9.8 million, according to Teneo. The most important of these NFTs are as follows:
- NFTs from the Bored Ape Kennel Club
- autoglyphs
- Chromie Squiggles
- CryptoPunks
- Fidenza
- nimbuds
- NFTs from the Ringers collections.
Meanwhile, NFT trading volume for May has hit $333 million so far, according to a new report from DappRadar. It is on track to drop below $1 billion for the first time this year. In comparison, there are 2.3 million sales so far this month. There has also been a notable increase in the number of weekly active wallets interacting with NFTs.
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