Auction house, Sotheby’s on Friday reported that seven non-fungible tokens from failed cryptocurrency hedge fund Three Arrows Capital had sold for around $2.5 million.
“Fidenza #725,” an artwork with graphic dashes and curves in a subtle palette of cream, yellow, pink, and black, won the highest price of the tokens, fetching more over $1 million.
According to DappRadar, Three Arrows Capital bought it for 135 ether in 2021, which was around $341,786 at the time.
Three Arrows, situated in Singapore, was the first big crypto business to go bankrupt in 2022, following the demise of cryptocurrencies Luna and TerraUSD.
In late June 2022, it declared bankruptcy in the British Virgin Islands.
According to a file published by cryptocurrency news site The Block, the corporation estimated its assets at over $1 billion at the time, with its huge non-fungible token collection valued at around $22 million.
In 2021, the market for NFTs grew, and auction houses like Sotheby’s and Christie’s jumped on board.