- TRON founder Justin Sun has launched the JUST NFT fund to create a bridge between digital and traditional art, it has an estimated value of $30 million.
- The minimum price for an item in the NFT fund will be $1 million.
TRON founder and BitTorrent CEO Justin Sun has been very active in NFT auctions recently. Bidding on Jack Dorsey’s NFT and winning an NFT from digital artist Beeple, Sun is ready to go one step further.
Via a press release shared with CNF, it is confirmed that Sun has acquired the paintings “Femme nue couchée au collier” by artist Andy Warhol and “Three self-portraits” by painter Pablo Picasso – both transcendental works for 20th-century painting history.
Sun participated in an event with Christie’s auction house. He won the paintings by paying $20 million and $2 million respectively. TRON’s founder will tokenize these works to launch them in the JUST NFT Fund, within the next few days.
The vision of the JUST NFT Fund
The fund aims to “create a bridge between the digital arts and the traditional arts”. A task that Sun claims to have taken on as a “personal commitment”. The tokenized works are among the first from the “traditional art world” to be converted to NFTs and will be available alongside the “OCEAN FRONT” NFT created by Beeple and acquired for $6 million.
In total, the JUST NFT fund has an estimated value of $30 million and is set to offer the works of leading artists. The minimum price for all works on the platform will be $1 million. The average price for an NFT in the fund is estimated to be $10 million. TRON’s founder stated:
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 majority stake held by Justin Sun, the ultimate vision of the JUST NFT Fund is to promote the idea of “Art + Blockchain”. Members of the team working on the fund include former Christie’s and Sotheby’s employees. Sun added:
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 bridgebetween top-notch artists and blockchain, and supportthe growth of native crypto NFT artist.
TRON will be the platform supporting the JUST NFT Fund. Data shared in the release states that the NFT sector has a market capitalization of $369 million.
Total sales in this sector have reached an estimated value of $557 million with record sales volume in February when they rose by as much as 8x with 5.5 million transactions. About 133,000 pieces of “crypto art” have been sold as of March 18, 2021.
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