FTX, the insolvent crypto exchange, now possesses several high-profile non-fungible tokens (NFTs), including Bored Ape, Azuki, Otherdeed, and Mutant Ape.

Coinbase director Conor Grogan tweeted about the transfer of Bored Apes NFTs and others to FTX’s multi-signature wallet, including $100,000 worth of Hape Prime NFTs purchased by Alameda.

Data from Dune Analytics indicates that FTX’s estate holds a collection of NFTs valued at over $4 million, including 32 BAYC, 7 Azuki, 29 Otherdeed, 81 Sandbox Land, 6 Hape Prime, 2 MAYC, and 12 BEANZ.

It's confirmed that these Apes now belong to FTX creditors; they were all transferred to the Estate Multisig, along with 7 Azukis, a bunch of Beanz, and a host of other NFTs pic.twitter.com/Vy7XLtgCwE

FTX acquired most of these NFTs in 2021 while developing its NFT marketplace, including 101 Bored Apes from Sotheby’s, for $24.4 million. These Apes were listed on FTX US at a lower price than the OpenSea floor price, attracting users.

As FTX’s bankruptcy professionals gather all the NFTs into a single wallet, it is widely believed that liquidating the assets might be the next step. However, direct liquidation could negatively impact the floor prices of these collections.

Instead, 21co researcher Tom Wan suggests FTX may auction the assets, similar to the bankrupt Three Arrows Capital. In February, 3AC liquidator Teneo announced plans to sell some NFTs owned by the insolvent crypto hedge fund.

In the meantime, FTX continues to consolidate the bankrupt company’s assets, recently agreeing to sell LedgerX for $50 million and considering selling its European business.

The downfall of FTX occurred within 10 days in November 2022. The trigger was a report on Nov. 2 by cryptocurrency news outlet CoinDesk, which disclosed that Alameda Research, the quantitative trading company managed by Bankman-Fried, possessed a stake worth $5 billion in FTT, FTX’s native token.

The remarkable downfall of the third-largest crypto exchange by volume is expected to reverberate within the cryptocurrency world for a while. The consequences for FTX’s future and the repercussions in the broader cryptocurrency sector continue to unfold and are challenging to evaluate.

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