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Sotheby’s to Auction CryptoPunk, Other NFTs Owned by Bankrupt Three Arrows Capital

Sotheby’s auction house is facilitating the sale of a collection of digital artworks known as “Grails,” owned by the now-defunct digital asset firm Three Arrows Capital and its NFT-collecting fund Starry Night Capital. Sotheby’s said that the unique set included NFTs from notable artists and valuable projects. The pieces to be sold via auctions and other methods include Art Blocks Fidenza #216 by Tyler Hobbs, Ringers #879 by Dmitri Cherniak, Chromie Squiggle #1780 by Art Blocks founder Erick Calderon, and CryptoPunks NFT #6649 and Autoglyph #187 by Larva Labs. Three Arrows Capital’s bankruptcy is ongoing and owes $3.5bn to creditors. It was a standout among failing digital asset firms last year. Sotheby’s acknowledged the defunct hedge fund’s eye for fine art in a press release, whilst its Head of Digital Art and NFTs Michael Bouhanna said that the collection marked an important moment in the rise of generative art on the blockchain in 2021. The auction house reiterated its message of commitment to artists by saying that it respects creators’ royalties for secondary sales. Sotheby’s said that the first auction from “Grails” will take place in May during its “marquee sale week,” one of the most high-profile sales moments of the annual auction calendar for contemporary and modern art.

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