Liquidators will sell ‘Certain’ NFTs from bankrupt Three Arrows Capital

Liquidators will sell ‘Certain’ NFTs from bankrupt Three Arrows Capital

Three Arrows Capital (3AC) will sell its non-fungible tokens (NFTs), but according to the fund’s liquidator, the auction would exclude the fund’s most valuable assets.

According to a new communication, the Joint Liquidators intend to begin selling select NFTs.

The most recent information from the liquidators is that they will begin selling some of their NFTs within the next month, or no later than March 23.

Christopher Farmer, a senior managing director at the advising firm Teneo and a co-liquidator in the 3AC case, wrote, “The purpose of the Sale is to realize the value of the NFTs for the purposes of the liquidation.”

But, the so-called Starry Night Capital fund will not be involved. This is a collection of assets collected by Vincent Van Dough, an anonymous collector, for 3AC’s Starry Night Capital.

When Starry Night Capital was first unveiled in August 2021, 3AC described it as a new fund for “assembling the best collection of NFTs in the world.”

What will the Starry Night NFTs of 3AC do next?

In October, these Art Blocks, CryptoPunks, and Rare Pepe assets were acquired by liquidators.

Advisers stated at the time that they intended to sell the NFTs, but due to “an application before the Eastern Caribbean Supreme Court in the High Court of Justice in the British Virgin Islands,” these assets will not be included in the sale announced today.

Dune has compiled statistics indicating that the NFTs held by the liquidator are valued at $21 million, whereas the NFTs held by 3AC appear to be valued at $2.4 million.

Although while sales increased last month, it may be difficult to move the inventory because NFT sales are significantly lower than they were at this time last year.

In June of last year, the collapsed cryptocurrency fund filed for bankruptcy and currently owes $3.5 billion to creditors.

Its failure was one of several major blows to the business last year, and it contributed to the demise of Voyager Digital.

Content Source: decrypt.co

The post Liquidators will sell ‘Certain’ NFTs from bankrupt Three Arrows Capital appeared first on NFT News Pro.



from NFT News Pro https://ift.tt/086IH9e

Comments

Post a Comment

Popular posts from this blog

How to make money with NFTs?

Image
In the following, we will learn about NFTs and the best ways to make a profit with NFTs in 2022.  Non-fungible tokens or NFTs are attracted lots of attention among investors since 2021. They have been one of the most profitable blockchain-based assets. NFTs such as The Merge, sold for $91.8 million, and Everyday: The First 5000 Days by Beeple , sold for $69.3 million, even caused more changes in how the world estimated the profit of the digital collectibles. But, do you need to spend so much money to gain profit from NFTs? The answer is a big no! Although lots of NFT artists and investors have made lots of fortune through creating NFTs, there are also other ways to take advantage of the market. Before knowing how to get rich through NFTs, first, you have to know what exactly NFTs are. If you already know about NFTs so go to the next section. What is an NFT? Non-fungible tokens or NFTs are digital assets that cannot be changed or duplicated. Each NFT, therefore, is one-of-a-kind
Read more

NFT Legal Issues and Risks

Image
Several factors influence the interest in NFTs, including the popularity of blockchain technology, growing interest in cryptocurrencies, and interest in digital art and collectibles. However, the growth of the NFT market brings about legal risks and issues associated with non-fungible tokens as digital assets. The NFT market is crowded with lots of NFT projects which makes investors think carefully before buying a digital asset due to the high risk of fraud. Most NFT investors are not fully aware of the legal risks and issues associated with NFTs, though there is currently little legal protection for investors in the NFT market. In the following, we aim to inform our readers about legal issues and risks associated with NFTs and the market they may face in 2023. Copyright Infringement One of the most important issues for an NFT creator is to know the rights they acquire by creating a non-fungible token. If an NFT is produced based on someone else’s work or idea without their conse
Read more

How to Add Utility to an NFT?

Image
There are several factors that determine the success of an NFT project. In the long term, though, a few factors make an NFT valuable in the market. NFT utility is a key to NFT investors and collectors which convince them to invest in a project and become a member of the community. Adding utility to an NFT project can create real-world value for the project and take it to new heights. In fact, NFT utility allows an NFT to transform from a simple digital token to a highly desirable and valuable asset. If you are also thinking about adding utility to your NFTs, here is all you need to know. In this article, we provide a complete guide about NFT utility, its types, NFT utility apps, and examples of successful utility NFTs. What is NFT Utility? In simple terms, utility refers to the additional benefits or services that add to the value of an asset. Utility NFTs refer to digital tokens that have a practical application and, therefore, higher values. Such utilities can be the key to t
Read more