The world renowned auction house Sotheby's announced its plan to auction off the NFTs of the now defunct crypto hedge fund Three Arrows Capital, known commonly as 3AC, beginning in May and running through the end of 2021. The collection, titled "Grails", comprise of blue-chip digital artworks by several renowned artists, including CryptoPunk #6649, Ringers #879 by Dmitri Cherniak, and Fidenza #216 by Tyler Hobbs.

Michael Bouhanna, Sotheby's head of digital art and NFTs, said this collection marks an expansive rise in the digital art blockchain industry and was purchased with the intention of acquiring the finest works available on the market. 3AC's dramatic history combined with this collection has created a grand level of attention as the hedge fund was known as one of the main investors in Bitcoin and other cryptocurrencies prior to filing for bankruptcy in July 2020.

At its peak, 3AC went all in on NFTs, spending 1,800 Ether (a cryptocurrency used on Ethereum blockchain) on the artwork affectionately named The Golden Goose, the worth of which was valued at a whopping $5.6 million at the time of sale. Sotheby's started showcasing NFTs at the start of 2021 and their first auction, titled “Oddly Satisfying”, took place late last month. Despite the anticipated high value of some of the NFTs, the top-selling piece, “Eternity” by Anyma, only achieved nearly $56,000 out of the estimated $100,000. Overall, the auction generated around $316,000 with nearly all the pieces being sold.

Sotheby's upcoming multi-part 'Grails' collection is set to kick off in May and run through the year. Clearly, this is a great opportunity for both artists and collectors to get their hands on some of the rarest digital artworks on the blockchain at a favourable price. With the hefty attention this auction is already gaining, the sales are expected to be quite lucrative.



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