Sotheby’s to Bring NFTs of Three Arrows Capital to the Fore
Sotheby’s, the illustrious auction house, has recently declared its intention to facilitate the auction of 37 “Grails” non-fungible tokens (NFTs) next month. This unique offering was created by the crypto hedge firm Three Arrows Capital (3AC), which unfortunately experienced a downturn last year.
Setting a New Benchmark in Digital Art Auctions
The auction is being dubbed as the “most extensive live auction of digital art ever witnessed.” Sotheby’s seeks to generate a staggering amount, exceeding $5 million, from the sale, which could set an extraordinary precedent in the flourishing NFT market.
A Mysterious Previous Possessor Adds an Air of Intrigue
There is an element of mystery surrounding the previous owner of these NFTs. Known to be a significant figure within the crypto venture capital and trading arena, this entity saw its assets seized as part of bankruptcy proceedings that began in July.
Showcasing Artworks of Renowned Generative Artists
The NFTs up for auction are not just any digital pieces. They were created by celebrated generative artists, including Dmitri Cherniak, Tyler Hobbs, and Larva Labs, who have enriched the collection with their unique artistic prowess.
Paying Homage to Pioneers of Digital Art
Sotheby’s emphasizes that this collection pays tribute to the distinguished artists who have been instrumental in driving NFTs and digital art into the mainstream culture, showcasing their conceptually innovative approaches to digital art.
More to Follow After Successful Initial Sales
Following the successful sale of seven “Grails” pieces earlier this month that fetched an impressive $2.5 million at auction, another round of auctions is planned for June 15. Tyler Hobbs’ Fidenza #725 was a standout piece in the initial sales.
The Grails Collection: A Testament to Digital Art Excellence
Michael Bouhanna, the director of digital art and NFTs at Sotheby’s, highlights that the Grails collection has long been admired within the digital art community. This upcoming auction further underscores the unique nature of these remarkable artworks and their significant impact on the art world.