- Three Arrows Capital’s NFT trove auctions for nearly $11mn at Sotheby’s New York event.
- Dmitri Cherniak’s “Ringers #879” fetches a staggering $6.2 million.
- The auction sees enthusiastic participation from bidders across 17 countries.
- Despite the broader NFT market slump, the total amount for this collection, including fees, hits $17 million.
Even when most NFTs weren’t selling well, Three Arrows Capital’s NFT collection did great at Sotheby’s auction, earning close to $11 million. This New York event set a new high for NFT sales. It proved that unique and high-quality digital assets still sell well.
— 6529 (@punk6529) June 15, 2023
The collection, sold to @punk6529, boasted of 37 intriguing pieces of digital art. Dmitri Cherniak’s “Ringers #879,” also known as “The Goose,” proved to be the star of the show, commanding a massive $6.2 million. This placed “The Goose” as the second most valuable piece of generative art ever to be sold.
A Tale of Bankruptcy and Success
Three Arrows Capital, once a big crypto hedge fund, went bankrupt last July. They left a huge debt of more than $3 billion. In a previous auction, Sotheby’s sold a smaller set of NFTs from Three Arrows, garnering a modest $2.5 million.
Yet, this time, the live auction was a massive success, attracting almost 1,000 bids from 17 different countries. Over half of the people, there were tech-savvy young folks under 40. This shows young people’s strong interest in digital assets.
An Optimistic Outlook Amid Declining Demand
Despite the general dip in NFT demand, the Three Arrows collection drew eager collectors. After including fees, the total sum for the collection stood at an impressive $17 million, with some NFTs changing hands privately.
Last month, the NFT market’s monthly sales volume plummeted to $867 million, a sharp contrast to its peak in January 2022. Nonetheless, Sotheby’s head of digital art and NFTs underscored the lasting importance of generative art, with roots tracing back to computer art of the 1960s.
Punk6529, the purchaser of ‘The Goose’, argues that on-chain generative art encapsulates the uncertainty of algorithm-based creativity. By committing the algorithm to the blockchain, the artist and minter are taking a leap of faith. They believe ‘The Goose’, an emblem of this concept, is only at the start of its transformative journey.
In a market witnessing a downturn, the Three Arrows Capital’s NFT collection sold at Sotheby’s for nearly $11 million, shattering records and defying trends. Despite wider market volatility, this auction underscores the enduring appeal of unique and quality digital art, affirming that the journey of generative art is far from over.