Significant Sales of Over $2.5M Recorded by Sotheby’s Metaverse in 3AC Auctions
Originally published at https://www.kaloh.xyz on May 24, 2023.
Sotheby’s Metaverse division has successfully generated over $2.5 million in sales through its 3AC auctions, and there are more exciting pieces set to go on auction in the near future. Notably, Three Arrows Capital (3AC), a hedge fund founded by Kyle Davies and Su Zhu, experienced a collapse and filed for bankruptcy in June 2022 after borrowing billions of dollars for its operations.
The firm had invested in various protocols and blockchains, including Solana, Luna, Ethereum, Polkadot, and Aave. According to recent reports, 3AC is facing an astounding $3.5 billion in creditor claims.
Interestingly, Davies and Zhu had a keen interest in art, as evidenced by their impressive digital art collection. Teneo, the company tasked with liquidating the collection to repay a portion of the debt, has released a list of noteworthy artworks.
The collection comprises iconic digital art pieces, such as Archetype by Kjetil Golid (13), Apparitions by Aaron Penne (20), Autoglyphs (3), CENTURY by Casey REAS (4), Chromie Squiggle by Snowfro (2), CryptoPunks (11), Deafbeef (3), Crypto Citizen (1)…
