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Renowned within the crypto community, Andrew Kang, co-founder of Mechanism Capital, has acquired the original Pepe the Frog non-fungible token (NFT) from the estate of the now-defunct crypto hedge fund Three Arrows Capital (3AC).
Facilitated by esteemed auction house Sotheby’s as part of 3AC’s asset liquidation process, the private sale was confirmed by Sotheby’s itself.
On-chain data corroborates the transaction, evidencing the transfer of the NFT to Kang’s wallet. Notably, this NFT holds historical significance as the inaugural Pepe NFT officially authorized by its creator, Matt Furie, depicting a full-page excerpt from his Boys Club comic series famously featuring the “feels good man” meme.
Previously NFT was sold for 420 ETH in April 2021 (approximately $1 million) and subsequently acquired by Starry Night Capital for 1,000 ETH (equivalent to $3.5 million) in October 2021. The NFT’s journey reflects the dynamic nature of the digital art market and its evolving valuation trends.
Kang’s NFT portfolio comprises 50 Azukis, a Fidenza, three Bored Apes, 11 Mutant Apes, and 6 CryptoDickbutts. According to Dappradar, the estimated total worth of the NFTs in his possession is $6.69 million.
Also Read: NFT Artist Ignites Crypto Buzz: Kero’s SNAP Coin Nets $10M on Solana
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