Sotheby’s recently concluded a successful auction of rare Grail NFTs from the expansive collection of bankrupt crypto hedge fund Three Arrows Capital (3AC). The result? $2,482,850! The auction was part of Sotheby’s multi-part sale dedicated to these unique digital assets. So, which of the NFTs sold?
The 3AC Grails Collection: A Closer Look
The Grails collection, amassed primarily in 2021 as part of 3AC’s asset portfolio, has been described by Sotheby’s as “some of the most significant digital artworks ever assembled.”. Therefore, it’s no surprise that the auction included impressive generative art pieces from renowned artists. Notable works included Tyler Hobbs’ Fidenza #725 and Dmitri Cherniak’s Ringers #375, alongside Larva Labs’ Autoglyph #187 and CryptoPunk #1326.
Sotheby’s carefully selected seven generative artworks for this round of the auction. However, Sotheby’s did not sell the entire collection. Other 3AC artworks will be released in future chapters. The sales could occur privately, or through auctions. So, this is exciting news for collectors and enthusiasts!
The Highest Selling NFTs
The highest-priced NFTs in Part 1 of the Grails collection were Fidenza #725 and Autoglyph #187. Fidenza #725, estimated to sell for $120,000-$180,000, fetched an impressive $1,016,000 at the auction. Autoglyph #187, with a similar estimated value, sold for $571,500. These substantial prices reflect the value and desirability of these rare digital artworks.
Valuing these NFTs can be a complex task. Valuation involves factors such as previous sales of similar assets, market conditions, and the unique rarity traits of each collection. Deep NFT Value, a machine learning tool specializing in analyzing high-value NFTs, estimated Fidenza #725 to be worth approximately 184.4 ETH. At the time of writing, this is equivalent to around $335,000. Furthermore, Deep NFT valued Autoglyph #187 at 205.7 ETH, or about $373,800. However, it’s important to note that the estimates are often intentionally conservative. This encourages bidding and ensures competitive prices.
Finally, Sotheby’s successful auction of 3AC’s rare NFTs not only generated significant revenue but also showcased the growing prominence and value of digital art. It will be intriguing to see what future chapters of the Grails collection, and also other NFT auctions, have in store for collectors and investors alike.