Seven non-fungible tokens (NFTs) from bankrupt cryptocurrency hedge fund Three Arrows Capital were sold for about $2.5 million at an auction by Sotheby's. The highest price was fetched by "Fidenza #725," which was purchased for over $1 million. Singapore-based Three Arrows filed for bankruptcy in the British Virgin Islands in late June 2022, estimating its assets at around $1 billion, with its NFT collection valued at about $22 million. The market for NFTs exploded in 2021 but sales volumes and prices have since dropped as demand for speculative assets has cooled down.