The Golden Goose

The most expensive NFT piece of art The Golden Goose from a bankrupt hedge fund's collected tokens went under the hammer for twice as much as expected

An NFT called Ringers #879, or The Golden Goose, from the GRAILS collection of the bankrupt cryptocurrency hedge fund Three Arrows Capital (3AC) was sold at a Sotheby's auction for $6.2 million.

The digital piece by Canadian Dmitry Chernyak was bought by hedge fund 3AC for 1.8 thousand ETN ($5.6 million at the time of purchase) in August 2021. It was the most expensive NFT in the fund's collection.

The auction house expected the Golden  Goose to sell for $2-3 million. But the NFT went under the hammer for $5.4 million. Including commissions, the total was over $6.2 million.

NFT's collection, assembled by 3AC, is up for sale as the fund's liquidators try to raise funds to reimburse creditors. Hedge fund Three Arrows Capital filed for bankruptcy last July. It suffered losses during the collapse of the Terra ecosystem. And it ran into problems after the closure of cryptocurrency lender Celsius Network.

Other famous NFTs from the GRAILS collection sold at auction were Autoglyph #218 by Larva Labs. Which sold for $330k, Tyler Hobbs' Fidenza #479 went for $622k. As well as Fidenza #216 - for $609 thousand Chromie Squiggle #1780. Eric Calderon, founder of Art Blocks, sold for $635,000, more than three times its estimate before the auction.

Our experts note that earlier Sotheby's announced that the series of sales of GRAILS will begin in May and will continue throughout 2023. The collection will be released in pieces that will be displayed in several locations around the world.

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