Andrew Kang Acquires Original Pepe the Frog NFT from 3AC
Release: 2024/03/17 12:14 Reading: 601
In a notable move within the digital art market, Andrew Kang, co-founder of Mechanism Capital, has acquired the original Pepe the Frog NFT from the estate of bankrupt crypto hedge fund Three Arrows Capital (3AC). However, the purchase sum remains undisclosed.
Facilitated by auction house Sotheby’s, the private sale of this iconic NFT forms part of the liquidation of 3AC’s remaining NFT assets. Confirmation of the sale was provided by Sotheby’s, with on-chain data indicating the transfer of ownership to Kang’s wallet.
Pepe is regarded as one of the best-performing memecoins in the recent period and has gathered the attention of the digital asset space in a hurry.
Pepe NFT Originally Sold for 420 ETH
This particular NFT holds historical significance as the first Pepe NFT authorized by the character’s creator, Matt Furie. It features a full-page scan from Furie’s Boys Club comic series, showcasing the renowned “feels good man” meme.
Originally sold for 420 ETH (approximately $1 million) on April 17, 2021, the NFT witnessed subsequent transactions, notably being acquired by Starry Night Capital for 1,000 ETH (equivalent to $3.5 million at the time) on October 5, 2021. Starry Night Capital, an investment arm of 3AC focused on the NFT market, was involved in this acquisition.
Downfall of 3AC
The downfall of 3AC unfolded in June 2022, culminating in its bankruptcy filing the following month. The collapse was attributed to various factors, including the fallout from the collapse of crypto exchange FTX and the unsuccessful stablecoin UST and its associated token, LUNA.
This collapse had ripple effects across the crypto landscape, impacting firms like crypto prime brokerage Genesis and crypto exchange Gemini. Both Genesis and Gemini are currently under investigation by the New York Attorney General over alleged misconduct related to the misappropriation of funds.
Andrew Kang’s NFT Portfolio
Andrew Kang’s NFT portfolio is diverse and includes 50 Azukis, a Fidenza, three Bored Apes, 11 Mutant Apes, and 6 CryptoDickbutts. Dappradar, a platform tracking the value of NFTs, estimates the combined worth of the NFTs in Kang’s possession at a staggering $6.69 million.
Kang’s acquisition of the original Pepe the Frog NFT not only underscores the enduring appeal of digital collectibles but also highlights the evolving dynamics within the crypto and NFT markets amidst the restructuring and challenges faced by prominent players in the industry.
While NFTs are gaining popularity, Starbucks announced the closure of its Odyssey Beta NFT Program, signaling a strategic shift in its digital ventures.
The post Andrew Kang Acquires Original Pepe the Frog NFT from 3AC appeared first on Latest News and Insights on Blockchain, Cryptocurrency, and Investing.
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