Three Arrows Capital’s NFTs fetch $10.9 mln at Sotheby’s

Non-fungible tokens (NFTs) purchased by the bankrupt crypto hedge fund Three Arrows Capital have been sold by Sotheby’s auction house for a total of $10.9m. The bankrupt firm spent $15.5m worth of cryptocurrency on 37 NFTs between July and August 2021, with the auction featuring pieces such as a collection of computer-generated abstracts by Canadian artist Dmitri Cherniak which sold for $6.2m. Sotheby’s expects more non-crypto and non-NFT collectors to show an interest in the digital assets as the quality becomes better understood, according to its head of digital art and NFTs, Michael Bouhanna.