Premier auctioneer Sotheby’s sold Dmitri Cherniak’s Ringers #879 (The Goose) NFT artwork for a staggering $6.2 million. It is part of the Three Arrows Capital’s (3AC) ‘Grails’ collection that raked up almost $11 million in sales.

The auction house noted that the NFT sale had become the second-highest generative art sale to date.

Cherniak’s Ringers #879 artwork is part of a long-form generative art series comprised of 1000 NFTs. A signed print accompanies each NFT. Toronto-based artist Dmitri Cherniak has also gained recognition for his web3 digital artworks. 

In a collection of over 40 NFTs, the ‘Grails’ auction also includes pieces by other renowned artists. It includes names like Tyler Hobbs and Larva Labs. Sotheby’s NFT sale comes at a time when the auctioneer continues to expand its dedicated NFT marketplace by facilitating peer-to-peer sales on Ethereum and Polygon. It has also increased the scope of 

Sotheby’s Metaverse. Meanwhile, secondary sales are also making big on the platform through smart contracts.

To understand the NFT market and the role of social media in it, read here:

The Role of Social Media in NFT Marketing: A Complete Guide

Notably, the NFT sale is part of the efforts to pay off the debts of the defunct cryptocurrency hedge fund Three Arrows Capital (3AC). Company creditors anticipate that the sale of these NFT assets would provide money. Sotheby’s has previously auctioned NFTs from 3AC’s Grails collection, featuring rare digital artworks by artists including Joshua Bagley and Dmitri Cherniak.

Three Arrows also owned NFTs via Starry Night Capital in addition to the digital artworks in the GRAIL collection.

Seven NFTs held by the insolvent hedge fund were sold for over $2.5 million in a single auction last month. At the time of publication, the Market Sentiment Index by NFTGo, which is based on volatility, trading volume, social media, and Google Trends, was 38.

Furthermore, in the past week, there was 107,000 ETH worth of NFT sales across all collections. This represents an increase of about 7%.

3AC filed for bankruptcy in July 2022. However, Three Arrows Capital’s (3AC) bankruptcy proceedings have taken a new turn as co-founder Kyle Davies faces potential charges of contempt of court.

BeInCrypto reported in April that co-founders Davies and Zhu have not responded to a subpoena by a U.S. court. The court order required them to hand over financial documents and other corporate information. 

According to the most recent filing, Davies is accused of disobeying a subpoena connected to the former crypto hedge fund’s bankruptcy proceedings. According to the liquidators, Davies is purposefully postponing the acquisition of assets from the bankrupt fund.

Some projections suggest that the NFT market will develop at an excellent compound annual growth rate of 34.2% between 2023 and 2030. Established auction houses like Sotheby’s are actively involved as the NFT market is primed for additional innovation. It wants to use its knowledge of the traditional market to make acquiring and selling digital art easier.

The post Sotheby’s NFT Sale Fetches $11M as Bankrupt 3AC Liquidates Digital ‘Grails’ appeared first on BeInCrypto.

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