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Fortune

Marco Quiroz-Gutierrez

This Week in the Metaverse: A Sothebys auction brings in $11 million—and a bit of hope for the NFT market

Sotheby NFT metaverse Abel Makkonen Tesfaye Adidas Snoop Dogg The Weeknd Binance Fortune

(Credit: Courtesy of Sotheby's)

Welcome to This Week in the Metaverse, where Fortune rounds up the most interesting news in the world of NFTs, culture, and the metaverse. Email [email protected] with tips.

After a plummet in the NFT market, a Thursday auction at Sotheby’s was a rare bright spot, and we partly have to thank failed crypto hedge fund Three Arrows Capital. It was the second time Sotheby’s had hosted an auction of 3AC’s NFTs, according to CoinDesk, except this one wildly outperformed expectations.

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