In this week’s newsletter, read about how a wallet owned by bankrupt crypto hedge fund Three Arrows Capital purchased non-fungible tokens (NFTs) with a three-year-old offer, and zkSync developer Matter Labs has refuted claims of insider minting for its Libertas Omnibus NFTs. In other news, find out how NFTs and blockchain connected Ethiopia’s past and present in an art exhibition.
3AC-linked wallet bought NFT for $59,000 due to three-year-old offer that wasn’t canceled
A wallet tied to bankrupt crypto hedge fund Three Arrows Capital (3AC) purchased a Neon Village NFT for 20 Ether (ETH) worth about $59,821 on July 5. The transaction stemmed from an offer the defunct crypto hedge fund placed three years ago.
The hedge fund filed for bankruptcy in July 2022, and its wallets are managed by liquidation firm Teneo. The funds for the Neon Village purchase had been in escrow since the offer was placed in 2021.
The SuperRare Bot X channel flagged the sale, identifying the buyer as “abcdefg.” Some collectors initially celebrated the sale until an NFT collector called Brian on X noted the offer’s age, suggesting the buyer might have forgotten the bid.
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ZkSync denies NFT “insider minting,” claims some minters attended events
ZkSync developer Matter Labs denied allegations of “insider minting” on the Libertas Omnibus NFTs on June 26. The company asserted that all minters met official criteria and detailed various legitimate ways users could mint the NFTs, including event attendance and interactions with top zkSync NFTs.
The company also refuted claims that holding Libertas Omnibus NFTs alone qualified users for ZK airdrops. They stated that airdrop eligibility was determined by multiple factors, including funds held on zkSync Era and additional multipliers. Matter Labs emphasized employees were ineligible for the airdrop.
The controversy began with a June 17 post by blockchain researcher soEasy, who accused the team of distributing NFTs to ineligible friends and bypassing airdrop requirements.
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NFTs and blockchain bridge Ethiopia’s past and present in new art exhibition
The Toledo Museum of Art (TMA) in Ohio concludes its major exhibition of Ethiopian art with a unique feature on NFTs. TMA announced that Ethiopian art collective Yatreda will be their second digital artist in residence, following Nigerian NFT artist Osinachi. The announcement coincides with the launch of TMA Labs, a department exploring new technologies.
Yatreda’s “House of Yatreda” installation will bridge historical Ethiopian artifacts with modern NFT art, showcasing renowned and new pieces. Yatreda’s work, which animates Ethiopian history and culture, will highlight TMA’s iteration of “Ethiopia at the Crossroads,” connecting past traditions with contemporary digital art.
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Thanks for reading this digest of the week’s most notable developments in the NFT space. Come again next Wednesday for more reports and insights into this actively evolving space.