Sotheby’s latest auction of non-fungible tokens (NFTs) has generated an astounding $10.9 million. The spotlight was particularly on a piece fondly nicknamed “The Goose”, which alone raked in $6.2 million, drastically outpacing its initial estimates. This monumental sale marked the conclusion of another round of auctions for the seized NFT art collection of the now-defunct crypto hedge fund, Three Arrows Capital (3AC).
The Goose Takes Flight
“The Goose”, formally known as Ringers #879, captured the imagination of NFT enthusiasts and investors alike. The masterpiece, created by Dmitri Cherniak, was part of the “Grails” collection. This collection boasted 37 diverse works from generative artists, including Tyler Hobbs, Jeff Davis, and more. Initially expected to fetch between $2-3 million, intense bidding saw “The Goose” soar to an impressive $6.2 million, making it the second-highest sale of all time for a work of generative art. The proud new owner of “The Goose” is the renowned NFT investor, 6529.
Other NFT High Achievers
Several other digital artworks also struck a chord with the auction-goers, fetching commendable prices. Notably, Tyler Hobbs’ Fidenza #479, sold for $622,300, and Snowfro’s Chromie Squiggle #1780 went under the hammer for $635,000. Other high-performing pieces included Larva Labs’ Autoglyph #218 and Kjetil Golid’s Archetype #397, both netting $330,200 each.
Sotheby’s Ongoing Success with 3AC’s Collection
The recent successful sale marks another chapter in Sotheby’s ongoing saga of auctioning NFTs from Three Arrows Capital’s impressive collection. Formed primarily in 2021, the Singapore-based hedge fund had assembled an extensive NFT portfolio before filing for bankruptcy in July. The liquidator, Teneo, has embarked on a mission to recoup funds through the sale of the expansive list of NFTs, estimated to be worth millions.
The Future of NFTs
The success of Sotheby’s latest auction is a sign of the growing maturity of the NFT market. As more and more people become interested in NFTs, we can expect to see continued growth in the market. This is good news for both collectors and investors, as it means that there will be more opportunities to buy and sell NFTs.
Sotheby’s is not the only auction house that is seeing success with NFTs. Christie’s, another major auction house, has also held successful NFT auctions. This suggests that the NFT market is here to stay and that it is a legitimate investment opportunity.
If you are interested in getting involved in the NFT market, now is the time to do so. The market is still relatively young and there are many opportunities to buy NFTs at a relatively low price. However, it is important to do your research before you buy any NFTs. There are many scams in the market and it is important to make sure that you are buying from a reputable source.
The future of NFTs is bright. As the market matures, we can expect to see more and more people using NFTs to represent ownership of digital assets. This could include anything from artwork to music to real estate. NFTs have the potential to revolutionize the way we own and interact with digital assets.
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*All investment/financial opinions expressed by NFT News are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.
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