Andrew Kang, co-founder of Mechanism Capital, successfully acquired the original Pepe the Frog NFT. The major acquisition took place during a private sale by Sotheby’s as part of the liquidation process of a now-defunct crypto hedge fund. Three arrows capital (3AC). Intriguingly, however, the exact financial details of the sale remain secret.
Sotheby facilitates Pepe NFT transaction
Sotheby auction house confirmed the successful transfer of the Pepe NFT to Kang’s digital wallet, marking a new chapter in the asset’s storied history. Generated by artist Matt Furie, this NFT features a scan from the comic book series Boys Club depicting the notable “feels good man” meme. This item stands out as the very first authorized NFT image of the Pepe character, making it a highly sought-after item among collectors and enthusiasts.
Notable transactions marked the Pepe NFT’s journey to this auction, including its original sale for 420 ETH in April 2021, with a follow-on transfer to Starry Night Capital, a subsidiary of 3AC, for 1,000 ETH (approximately $3.5 million at the time). ) in October 2021.
The collapse of 3AC in mid-2022, which was caused by the general unrest in the crypto market and accompanied by the collapse of the FTX exchange and the UST stablecoinresulted in the liquidation of its assets, including this highly prized NFT.
Andrew Kang’s collection
The acquisition is also expanding Andreas Kang‘s remarkable collection of digital assets, which consists of a wide range of NFTs with an estimated value of approximately $6.69 million, and more importantly, highlights the strength and vitality of the NFT market. While the industry is generally experiencing volatility and challenges, high-profile transactions such as this indicate that unique digital collectibles still have significant appeal and value.
At the same time, Sotheby’s involvement in the digital asset sector extends beyond this single transaction. This auction house is actively involved in the growing market for Bitcoin ordinal numbersand so sales are organized that shed light on the creative diversity and innovation of this new space.
Initiatives like these are indicative of the changing world of digital collectibles that provide the interface between traditional institutions and the new digital assets, offering new opportunities and challenges.
