Estimates have previously suggested that more than $35 million was spent on acquiring these premium NFTs, but their value may have dwindled to just $850,000.
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Hundreds of NFTs owned by the bankrupt crypto hedge fund Three Arrows Capital are on the move.
They have been transferred to Teneo, the liquidator that's overseeing the bankruptcy proceedings.
Estimates have previously suggested that more than $35 million was spent on acquiring these premium NFTs.
The portfolio was held by Starry Night Capital, a special investment arm that was set up by 3AC to cultivate "the world's finest collection of crypto art."
Unfortunately for those out of pocket following 3AC's collapse, estimates from Nansen suggest that the value of this portfolio now stands at 625 ETH — worth about $850,000 at current market rates.
To make matters worse, 89% of the NFTs have low liquidity, meaning they are from collections that had fewer than 35 sales in the past seven days.
The collectibles will now be sold off, with estimates over the summer suggesting that 3AC owes $2.8 billion to creditors at present.
