The Knicks were highly active on draft night, making a series of trades that ultimately moved them out of the first round while significantly increasing their collection of future draft assets, according to Shams Charania.

New York first traded the No. 25 pick, Sergio De Larrea, to the Mavericks in exchange for No. 30 pick Koa Peat and two second-round selections.

The Knicks then flipped Peat to the Suns for three additional second-round picks and cash considerations.

As a result of the transactions, New York exited the first round entirely while adding five second-round picks and cash.

One of those selections is the No. 47 overall pick, which joins the Knicks’ existing second-round picks at Nos. 31 and 55.

League sources indicate the Knicks have already received trade interest for the No. 31 pick and are expected to explore moving it before the second round begins.

Meanwhile, the Grizzlies are reportedly taking a similar approach with the No. 32 pick.

Both selections are being actively discussed in trade conversations as teams around the league look to acquire early second-round opportunities in exchange for future draft assets.

Memphis, like the Knicks at No. 31, is actively fielding offers to move the No. 32 pick for Night 2 of the draft, per sources. So picks 31 and 32 are up for auction in trades around the NBA — with future assets being proposed. https://t.co/HUbpZCinlB