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.
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.
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.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram And YouTube join our channel!
Risk Disclosure: The articles and articles on Kriptokoin.com do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your due diligence and do your own research before investing in these currencies. You can lose some or all of your money by investing in Bitcoin and cryptocurrencies. Remember that your transfers and transactions are at your own risk and any losses that may occur are your responsibility. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. Therefore, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Disclaimer: Advertisements on Kriptokoin.com are carried out through third-party advertising channels. In addition, Kriptokoin.com also includes sponsored articles and press releases on its site. For this reason, advertising links directed from Kriptokoin.com are on the site completely independent of Kriptokoin.com’s approval, and visits and pop-ups directed by advertising links are the responsibility of the user. The advertisements on Kriptokoin.com and the pages directed by the links in the sponsored articles do not bind Kriptokoin.com in any way.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.