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April

Teneo

Bankrupt crypto exchange FTX now has control of several blue-chip non-fungible tokens (NFTs), including Bored Ape, Azuki, Otherdeed, and Mutant Ape.
Coinbase director Conor Grogan <a href="https://twitter.com/jconorgrogan/status/1651215919882878977?s=20">tweeted</a> this on April 26, noting that Bored Apes NFTs and several others belonging to the bankrupt firm were transferred to its multi-signature wallet. Grogan added that Hape Prime NFTs bought by Alameda for $100,000 were also moved to the same wallet.
Dune analytics <a href="https://dune.com/21shares_research/alameda-and-ftx-tracker">data</a> shows that the FTX estate holds 32 BAYC, 7 Azuki, 29 Otherdeed, 81 Sandbox Land, 6 Hape Prime, 2 MAYC, and 12 BEANZ — cumulatively worth over $4 million.
<figure id="attachment_321073" aria-describedby="caption-attachment-321073" style="width: 903px" class="wp-caption aligncenter"><img class="size-full wp-image-321073" src="https://cryptoslate.com/wp-content/uploads/2023/04/Screenshot-2023-04-27-130345.jpg" alt="FTX NFT holdings" width="903" height="501" srcset="https://cryptoslate.com/wp-content/uploads/2023/04/Screenshot-2023-04-27-130345.jpg 903w, https://cryptoslate.com/wp-content/uploads/2023/04/Screenshot-2023-04-27-130345-300x166.jpg 300w, https://cryptoslate.com/wp-content/uploads/2023/04/Screenshot-2023-04-27-130345-768x426.jpg 768w" sizes="(max-width: 903px) 100vw, 903px" /><figcaption id="caption-attachment-321073" class="wp-caption-text">Source: Dune Analytics</figcaption></figure>
According to available information, FTX bought most of these NFTs in 2021 while working on its NFT marketplace. At the time, it purchased 101 Bored Apes from Sotheby&#8217;s for $24.4 million; all the Apes were deposited on FTX US and listed for a lower price than the OpenSea floor price to attract more users.
Several people used this price disparity to acquire the NFTs from the FTX platform at a discount.
<h2 id="what-next-for-ftx-8217-s-nfts">What next for FTX&#8217;s NFTs?</h2>
With FTX&#8217;s bankruptcy experts consolidating all the NFTs into one wallet, many believe the next step might be liquidating the assets.
However, any liquidation might hurt the floor price of these collections — which have already <a href="https://cryptoslate.com/nft-traders-averaging-1k-eth-loss-per-day-blue-chip-nfts-floor-price-tanks/">slipped significantly</a>.
21co researcher Tom Wan <a href="https://twitter.com/tomwanhh/status/1651244896068534275?s=20">believes</a> FTX might not liquidate the assets directly but auction them like bankrupt Three Arrows Capital. In February, 3AC liquidator Teneo <a href="https://cryptoslate.com/3ac-liquidators-to-sell-some-nft-holdings/">revealed</a> it would sell some of the NFTs belonging to the bankrupt crypto hedge fund.
<h2 id="consolidation-efforts-continue">Consolidation efforts continue</h2>
Meanwhile, FTX&#8217;s management has continued consolidating the bankrupt firm&#8217;s <a href="https://cryptoslate.com/ftx-attorney-announces-5b-in-assets-recovered/">assets</a> belonging to the bankrupt firm.
The firm agreed to <a href="https://cryptoslate.com/ftx-to-sell-ledgerx-to-company-linked-to-opnx-controversy-for-50m/">sell</a> LedgerX for $50 million and would also <a href="https://cryptoslate.com/swiss-court-allows-ftx-to-explore-sales-of-european-business/">explore</a> the sale of its European business.
Besides that, increasing <a href="https://cryptoslate.com/ftx-relaunch-could-be-funded-by-tribe-capital/">speculations</a> exist that the exchange could explore reopening its operations. However, its executives have not decided whether such a reopening is viable.
The post <a rel="nofollow" href="https://cryptoslate.com/ftx-takes-control-of-nfts-worth-over-4m/">FTX takes control of NFTs worth over $4M</a> appeared first on <a rel="nofollow" href="https://cryptoslate.com">CryptoSlate</a>.

FTX takes control of NFTs worth over $4M

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