NFTs belonging to bankrupt crypto firm fetch nearly $2.5 million at auction

Sotheby’s auctioned seven non-fungible tokens (NFTs) from bankrupt crypto hedge fund Three Arrows Capital for approximately $2.5 million. “Fidenza #725,” an image with graphic dashes and curves in muted tones of cream, yellow, pink and black, fetched the highest price at over $1 million. Singapore-based Three Arrows, the first major crypto firm to go bankrupt in 2022, filed for bankruptcy in June after the collapse of cryptocurrencies Luna and TerraUSD. Non-fungible tokens represent digital ownership, and their market has cooled since the craze of 2021.