FTX takes control of NFTs worth over $4M

Bankrupt crypto speech FTX present has power of respective blue-chip non-fungible tokens (NFTs), including Bored Ape, Azuki, Otherdeed, and Mutant Ape.

Coinbase manager Conor Grogan tweeted this connected April 26, noting that Bored Apes NFTs and respective others belonging to the bankrupt steadfast were transferred to its multi-signature wallet. Grogan added that Hape Prime NFTs bought by Alameda for $100,000 were besides moved to the aforesaid wallet.

Dune analytics data shows that the FTX property holds 32 BAYC, 7 Azuki, 29 Otherdeed, 81 Sandbox Land, 6 Hape Prime, 2 MAYC, and 12 BEANZ — cumulatively worthy implicit $4 million.

Source: Dune Analytics

According to disposable information, FTX bought astir of these NFTs successful 2021 portion moving connected its NFT marketplace. At the time, it purchased 101 Bored Apes from Sotheby’s for $24.4 million; each the Apes were deposited connected FTX US and listed for a little terms than the OpenSea level terms to pull much users.

Several radical utilized this terms disparity to get the NFTs from the FTX level astatine a discount.

What adjacent for FTX’s NFTs?

With FTX’s bankruptcy experts consolidating each the NFTs into 1 wallet, galore judge the adjacent measurement mightiness beryllium liquidating the assets.

However, immoderate liquidation mightiness wounded the level terms of these collections — which person already slipped significantly.

21co researcher Tom Wan believes FTX mightiness not liquidate the assets straight but auction them similar bankrupt Three Arrows Capital. In February, 3AC liquidator Teneo revealed it would merchantability immoderate of the NFTs belonging to the bankrupt crypto hedge fund.

Consolidation efforts continue

Meanwhile, FTX’s absorption has continued consolidating the bankrupt firm’s assets belonging to the bankrupt firm.

The steadfast agreed to sell LedgerX for $50 cardinal and would besides explore the merchantability of its European business.

Besides that, expanding speculations exist that the speech could research reopening its operations. However, its executives person not decided whether specified a reopening is viable.

The station FTX takes power of NFTs worthy implicit $4M appeared archetypal connected CryptoSlate.