Sotheby’s Auctions off 3AC’s NFT Collection for $2.5M

One NFT on auction at Sotheby’s fetch bids more than ten times higher than its highest public offer on OpenSea

article-image

TylerxHobbs, modified by Blockworks

share

Several NFTs belonging to failed crypto hedge fund firm Three Arrows Capital have sold for millions of dollars at auction as part of liquidation proceedings.

Around seven NFTs were sold for a total of around $2.5 million via an auction at Sotheby’s, Reuters reported Saturday. 

The star of the show? “Fidenza #725” — a digital artwork featuring an array of graphic dashes and curves in subdued hues — fetched over $1 million.

The asset, which is still currently under Sotheby’s control, had previously been receiving bids on NFT marketplace OpenSea for about 50 ether (ETH) — worth some $90,000, data shows. On OpenSea, users may bid for unlisted items they wish to own, though it is up to the entity in possession to agree to the bid.

3AC purchased the Fidenza for 135 ETH on July 31, 2021, valued at more than $340,000 at the time. 

Data shows NFT collection CryptoPunks was heavily favored by the firm. 3AC made multiple purchases of CryptoPunks on the same date, totaling $3 million, according to a Dune dashboard.

CryptoPunks is a collection of 10,000 unique pixel art characters on the Ethereum blockchain, created by Larva Labs. It is considered one of the pioneering and influential projects in the NFT space.

Other NFTs sold included the Ethereum-based TheBirdHouse collection, Slacker Duck Pond and digital art NFTs originally listed on the marketplace Foundation at a time when it was invite-only for creators.

Starry Night Capital, the investment fund focused on NFTs owned by 3AC founders, is believed to have spent over $35 million on digital collectibles in 2021. That amount eventually whittled down to just over $4 million following significant headwinds faced by the crypto market.

The Singaporean crypto powerhouse hit a brick wall last year following the collapse of the Terra ecosystem, to which it had significant exposure. 

Founded in 2012 by crypto investors Su Zhu and Kyle Davies, the firm operated as a hedge fund and venture capitalist in early-to-late-stage startups.

After staring down more than $400 million in liquidations in 2022 due to poor risk management, 3AC was eventually ordered into liquidation by a British Virgin Islands court in late June 2022.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Brooklyn, NY

SUN - MON, JUN. 22 - 23, 2025

Blockworks and Cracked Labs are teaming up for the third installment of the Permissionless Hackathon, happening June 22–23, 2025 in Brooklyn, NY. This is a 36-hour IRL builder sprint where developers, designers, and creatives ship real projects solving real problems across […]

recent research

Featured.png

Research

Helium stands at a pivotal moment in its evolution as a decentralized wireless network, balancing rapid growth, economic restructuring, and global expansion. With accelerated growth in domestic DAUs and Hotspots supporting its network, Helium is leveraging strategic partnerships and innovative proposals to scale internationally. The recent implementation of HIP 138, “Return to HNT,” has unified its token economy under HNT, simplifying participation and strengthening liquidity, while HIP 139’s phase-out of CBRS refocuses efforts on scalable Wi-Fi offload. Meanwhile, governance shifts under HIP 141 raise questions about centralization as Nova Labs consolidates control over the roadmap.

article-image

P2P Foundation founder Michel Bauwens revealed this week that Satoshi wrote him over email in the early days of Bitcoin

article-image

A Blockworks Research report looked at how Hyperliquid has maintained its hype and how it can build out its businesses

article-image

Dragonfly’s Rob Hadick discussed how the firm is approaching investments in the current market

article-image

The asset surged over the past seven days to reach its highest-ever weekly close on the SOL/ETH pair

article-image

Industry watchers note that SOL ETFs have attracted a fraction of the demand for bitcoin and ether ETFs

article-image

Tariff swings impact stock market and company outlooks, with Apple and NVidia likely to be affected by China tariffs