- Andrew Kang’s acquisition of the original Pepe the Frog NFT holds significance within the evolving landscape of non-fungible tokens (NFTs).
- The transaction, facilitated by Sotheby’s as part of 3AC’s liquidation, highlights the resilience and enduring value of iconic digital assets.
For an undisclosed amount, co-founder of Mechanism Capital Andrew Kang acquired the original Pepe the Frog NFT from the estate of collapsed cryptocurrency hedge fund Three Arrows Capital, or 3AC.
The private auction was made possible by Sotheby’s as part of 3AC’s liquidation of its remaining NFTs. The sale was verified by Sotheby’s to The Block, and onchain information indicates that it was transferred to Kang’s wallet.
The character’s creator, Matt Furie, approved the first Pepe NFT. It displays a full-page scan of the “feels good man” meme from Matt Furie’s Boys Club comic series.
On April 17, 2021, the NFT was first offered for 420 ETH, or about $1 million at the time. On October 5, 2021, Starry Night Capital bought it for 1,000 ETH, which was worth $3.5 million at the time. 3AC’s investment division, Starry Night Capital, was centered on the NFT sector.
Following its collapse in June 2022, 3AC declared bankruptcy the following month. It had been touched by the demise of the stablecoin UST and its sister token luna, as well as the failure of the cryptocurrency exchange FTX. Its demise had a domino effect on neighboring cryptocurrency businesses, causing major problems for Genesis Prime Brokerage and Gemini Exchange.
The NYAG is currently looking into these two companies for possible financial fraud.
Fifty Azukis, a Fidenza, three bored apes, eleven mutant apes, and six CryptoDickbutts are among Kang’s NFT collection. The NFTs in his wallet are valued at an estimated $6.69 million by Dappradar.
Andrew Kang is an investor and businessman in cryptocurrencies. He is a co-founder of Mechanism Capital, a cryptocurrency investment firm that makes bets on secondary markets, prop trading, mining, and enterprises.
Kang was formerly employed with Digital Capital Management in venture capital and portfolio management roles. In 2020, Kang was actively involved in a number of DeFi-related projects and was a frequent contributor to Twitter analysis of DeFi initiatives.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
