TRON’s Justin Sun Unveils JUST NFT Fund with a Starting Capital of $30mln
Justin Sun, founder of Tron and CEO of BitTorrent, continues to be proactive in NFT auctions in recent times. After taking part in the auction of Jack Dorsey’s NFT and scoring a victory in the auction of NFT from Beeple (digital artist), Sun has taken another step forward. Through a media release, it is affirmed that Sun has bought the painting “Femme nue couchée au collier,” created by artist Andy Warhol and that of painter Pablo Picasso’s “Three self-portraits,” both epochal art works in the history of painting.
Sun took part in a program conducted by Christie’s auction house. He bought the paintings by shelling out $20 million and $2 million, respectively. The founder of TRON will digitize these artworks to roll out in the JUST NFT Fund, in the forthcoming days.
The fund intends to “create a bridge between the digital arts and the traditional arts”. A job that Sun asserts as a “personal commitment”. The tokenized art works are the foremost from the conventional “art word” to get transformed into NFTs and will be offered along with the “OCEAN FRONT” NFT developed by Beeple and bought for $6 million.
Overall, the JUST NFT fund has an assessed value of $30 million and is on course to put on sale the art works of renowned artists. The lowest price for all works on the platform is $1 million. The average price for NFT in the fund is assessed to be $10 million. Tron’s found said:
“I believe the art space is also subject to the80-20 rule, where only the value of the artists sittingat the tippy-top of the pyramid can standthe test of time.”
With a major percentage owned by Justin Sun, the eventual aim of the JUST NFT Fund is to foster the plan of “Art + Blockchain”. Team members working on the fund include staffs of Christie’s and Sotheby’s. Sun further said:
“JUST NFT Fund is committed to the NFTization andblockchainization of the world’s topartworks. The vision is to be the ARK Funds in theNFT space. JUST NFT will build a bridge between top-notch artists and blockchain, and supportthe growth of native crypto NFT artist.”
Tron blockchain will back the JUST NFT Fund. As per the media release, the NFT industry has a market cap of $369 million. Aggregate sales in the industry have hit an assessed value of $557 million with record high sales volume in February when they increased by nearly 8x with 5.50 million dealings. Roughly, at the end of March 18, 2021, 133,000 units of “crypto art” have been successfully sold.