Sotheby’s, the world-renowned auction house, is set to hold a multi-part sale featuring non-fungible tokens (NFTs) from the Three Arrows Capital (3AC) ‘Grails’ collection. The upcoming event has been described as an important moment in the art world, featuring some of the most unique and high-quality digital artworks ever assembled.
The 3AC Grails collection is among the most coveted and valuable NFT collections available, featuring pieces from esteemed artists such as CryptoPunks, Fidenza, and Autoglyphs. These artworks have floor prices of around $9.8 million, and are expected to fetch even higher amounts at auction.
The sale is a result of the liquidation of 3AC’s assets by Teneo, after the Singapore-based firm went bankrupt earlier this year. The company had estimated its assets to be worth around $1 billion, including NFTs valued at $22 million. Sotheby’s plans to sell the seized NFTs within 28 days, across various sales formats from private sales to auctions, and across multiple locations globally.
The first NFTs from the 3AC Grails collection will go under the hammer during Sotheby’s marquee sale week on May 19th in New York. The auction house plans to release the collection’s contents in chapters, with subsequent sales held in various locations throughout the year.
The decision by Sotheby’s to auction off the 3AC Grails NFT collection is a significant moment in the mainstream acceptance of NFTs in the art world. So far, Sotheby’s has auctioned works by digital artist Pak and the first-ever tweet sent by Twitter CEO Jack Dorsey, indicating the auction house’s active involvement in the NFT market.
Michael Bouhanna, Sotheby’s head of digital art and NFTs, commented on the sale, stating that “This expansive collection marked an important moment in the rise of generative art on the blockchain in 2021 and was guided by the 3AC ethos of acquiring some of the highest quality and rarest works available on the market.”
The 3AC Grails collection is a testament to the growing interest and value of NFTs among collectors and investors. NFTs have become increasingly popular in recent years, with unique digital artworks and collectibles being sold for millions of dollars.
The NFT market is still in its infancy, but it has the potential to become a game-changer in the art world, offering a new avenue for artists and collectors to showcase and trade their works. Sotheby’s entry into the NFT space is a reflection of this growing potential and interest in the market.
Investing in NFTs can be a lucrative opportunity, but it is important to do thorough research before making any investments. While the value of NFTs can fluctuate, there is no denying their potential as a significant asset class in the future.
In conclusion, the Sotheby’s auction of the 3AC Grails NFT collection is a landmark event in the art world, signaling the growing mainstream acceptance and value of NFTs. The collection’s high-quality and unique artworks are expected to fetch significant amounts at auction, further cementing NFTs as a viable investment opportunity. As the NFT market continues to grow and evolve, investors and collectors will have more opportunities to participate in this exciting new asset class.