The GRAILS Collection: Three Arrows Capital's Largest-Ever Live Auction of NFTs

Summary: The largest-ever live auction of digital art is set to take place with the sale of nearly 40 NFTs from the GRAILS collection of collapsed crypto hedge fund Three Arrows Capital. Sotheby's will present works from renowned generative artists, including Dmitri Cherniak and Tyler Hobbs, with an estimated total value of over $5 million. The auction marks a significant event in the NFT market, showcasing the depth and diversity of the GRAILS collection.

GRAILS Collection: A Distinguished Collection of Digital Art

The upcoming live auction at Sotheby's features almost 40 NFTs from the GRAILS collection, owned by the now-defunct Three Arrows Capital. The collection includes works from prominent generative artists, such as Dmitri Cherniak, Tyler Hobbs, and Larva Labs. Sotheby's expects the NFTs to fetch more than $5 million, making it the largest-ever live sale of digital art.

Past Auction Success: A Glimpse into the NFT Market

Sotheby's has previously auctioned seven works from the GRAILS collection in May, achieving a total of $2.5 million, surpassing their high estimates. Notably, Tyler Hobbs' Fidenza #725 and Autoglyph #187 fetched over $1 million and $570,000, respectively. The auction house also conducted a private sale, where they sold more GRAILS works for over $3 million, including a CryptoPunk NFT.

The Upcoming Auction: Showcasing Diverse Artists

The June 15 auction will present a variety of NFTs from the GRAILS collection, featuring works by artists like Kjeti Golid, Jeff Davis, and Matt DesLauriers. The inclusion of lesser-known artists alongside established figures highlights the diversity and creativity within the NFT space.

Liquidation and New Ventures: The Fate of Three Arrows Capital

After filing for bankruptcy in July 2022, Three Arrows Capital has been undergoing liquidation, and its NFT collections are being sold off. Teneo, an advisory firm, is handling the liquidation process, and they've chosen Sotheby's to maximize the value of the NFT assets for the creditors. Co-founders Su Zhu and Kyle Davies have moved on to create the Open Exchange (OPNX), a cryptocurrency exchange that allows users to leverage bankruptcy claims as collateral.

With the GRAILS collection's live auction, the NFT market witnesses another exciting milestone, reflecting the evolving landscape of digital art and its growing value in the world of cryptocurrency and blockchain technology.