TechFlow News, according to Blockworks, NFT-focused fund Spencer Ventures is set to acquire 144 Pudgy Penguin NFTs from the art collection of the now-defunct crypto hedge fund Three Arrows Capital (3AC). The institution-backed venture fund reached an agreement with Sotheby's several weeks ago for a price in the "low six figures."
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Spencer Ventures will receive 48 Pudgy Penguin NFTs, one of which features the extremely rare Ice Crown trait—currently bid at 6.6 wETH (nearly $10,500) on OpenSea.
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The purchase also includes 48 Pudgy Rods, a collection of NFT fishing rods that were first claimable for free in August 2021, and an airdrop of 48 Lil’ Pudgys—miniature penguins wearing different outfits. 3AC held these NFTs but never claimed or used them.
Gordon-Sand of Spencer said in an interview: "We’re going to bring these previously unclaimed NFTs back to life. We bought these penguins because they've maintained their value."
CoinGecko data shows that while the collection is below its all-time high floor price of around 7.1 ETH, its current floor remains near 5 ETH. Gordon-Sand said he reached out to Sotheby’s representatives after 3AC’s asset auction on June 15, which raised $11 million for creditors of the collapsed crypto hedge fund. Gordon-Sand attended that auction and inquired about purchasing 3AC’s Pudgy Penguins collection afterward.
