3AC asset liquidation
Digital artist Dmitri Cherniak’s NFT “Ringers #879 (The Goose)” was sold at Sotheby’s auction on the 16th for $6,215,100 (about 880 million yen). According to Sotheby’s, it was the second-highest-ever auction for a work of generative art.
#AuctionUpdate : One of the most important works of post-blockchain generative art, @dmitricherniak ‘s Ringers #879 (The Goose) has just sold for $6.2 million, making it the 2nd highest generative art sale of all time. #SothebysGRAILS https://t.co/dKyqxGbAIZ pic.twitter.com/zkxoP21M9e
— Sotheby’s Metaverse (@Sothebysverse) June 15, 2023
This auction “GRAILS” was originally held as part of the liquidation of the assets of Three Arrows Capital (3AC), which was originally a major cryptocurrency hedge fund, after its bankruptcy in 2022, with the proceeds going to 3AC’s creditors. It will be refunded.
3AC suffered a loss of about $200 million in May 2022 due to a massive drop in Terra (LUNA), resulting in default. In July of the same year, the company commenced bankruptcy proceedings under Chapter 15 (international bankruptcy) of the US Bankruptcy Code.
The work The Goose was purchased by Starry Night Fund, a subsidiary of 3AC, in August 2021 for about 1,800 ETH (about 800 million yen at that time). The price was well above the pre-auction estimate of $2-3 million. In addition, at Sotheby’s GRAILS auction, other NFT works were traded at higher than expected prices, and overall sales were strong.
A total of 37 works by well-known generative artists such as Tyler Hobbs and Larva Labs were sold at higher than expected prices. So far, about 2.4 billion yen (about $17 million) has been raised through the liquidation of the Grails collection.
connection: What is “Three Arrows Capital”, a cryptocurrency hedge fund that even beginners can understand?
What is generative art?
Generative art is an art form born in the 1960s that uses computers to express patterns and textures of objects. NFTs in this genre generate works of art on the blockchain, and program code is embedded in the blockchain. No one can predict what will be produced as a result during the production process. This is said to be the charm of generative art.
The Goose was won by anonymous digital art collector Punk6529. Punk6529 recognizes the cultural significance of “The Goose” within the NFT community and believes in the potential of the work, saying “its journey is just beginning.”
1/ On The Goose
Going to try to cover different audiences from beginner to advanced so bear with me (some things may be obvious to some of you) pic.twitter.com/6WJrYYcU2b
— 6529 (@punk6529) June 16, 2023
connection: Sotheby’s to support Polkadot (DOT) payments for the first time in a generative art NFT auction
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