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The auction for segments of the bankrupt Singaporean cryptocurrency hedge fund Three Arrows Capital’s (3AC) nonfungible tokens (NFT) collection concluded on May 19, generating $2.5 million.
Conducted by fine arts broker Sotheby’s, the items available included Tyler Hobbs Fidenza #725, Larva Labs Autoglyph #187, and Tyler Hobbs Fidenza #861. The top sale was Tyler Hobbs Fidenza #725, which sold for $1 million.
In reaction to the news, Kyle Davies, co-founder of 3AC, stated: “NFT grails mooning on Sothebys, WorldCoin scanning millions of eyeballs, Aptos the next Solana 3AC Portfolio is on [Fire].” Earlier, Davies had remarked “Farewell sweet Goose” in response to the start of the auction.
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Simultaneously, fellow co-founder Su Zhu commented, “Sent a few of them the Sothebys auction results, and the response is *crickets*” when asked by journalists about the liquidity of the NFTs. At the start of the auction, Zhu referenced English poet Alfred Tennyson: “[Tis] better to have loved and lost than to have never loved at all” as a comment on the sale.
The NFTs were retrieved by liquidators of 3AC following the hedge fund’s bankruptcy filing in July 2022. At its zenith, 3AC’s estimated assets under management reached $10 billion before being significantly impacted by the ongoing cryptocurrency bear market. The firm reportedly owes a total of $3.5 billion to its creditors.
3AC’s bankruptcy proceedings are still in progress. Recently, Zhu obtained a restraining order against BitMEX co-founder Arthur Hayes, one of 3AC’s numerous creditors, who has a reported claim of $6 million. Meanwhile, Davies seems to have ventured into the culinary field by opening a restaurant in Dubai. Davies and Zhu are also the founders of the OPNX exchange, a platform for trading claims from defunct crypto firms (including 3AC). Earlier this month, the exchange faced a reprimand from Dubai regulators for allegedly failing to register in the emirate.
NFT grails mooning on Sothebys, WorldCoin scanning millions of eyeballs, Aptos the next Solana
3AC Porfolio is on— Kyle Davies (@KyleLDavies) May 20, 2023
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