Justin Sun, founder of Tron and CEO of BitTorrent, tokenizes Pablo Picasso in NFT format, valued at $ 20 million We tell you everything!
Tron CEO Justin Sun announced the tokenization of a Pablo Picasso painting, “Femme nue couchée au collier” (“Nude woman lying with necklace”). As if that were not enough, the canvas valued at $ 20 million will be part of the NFT fund created by Sun, JUST NFT Fund.
Justin Sun Announces Picasso Painting Registered on NFT
“I am delighted to announce that Pablo Picasso’s artwork has been NFTized for the first time by the JUST NFT Fund.”
In particular, in a tweet thread, Justin Sun explained that the artwork has been registered on the Tron Blockchain. Also, tokenized according to the non-fungible token standard TRC-721. In this way, the canvas will be “permanently preserved on the Blockchain.”
JUST NFT Fund
For his part, Tron CEO Justin Sun revealed in March the launch of the JUST NFT Fund. A project with the aim of bridging the gap between Blockchain technology and artists who want to launch their own NFTs.
Importantly, the fund focuses on top-notch artists and works of art. Therefore, it only accepts parts with a minimum price of $ 1 million and a median value of $ 10 million.
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Interested in classical works of art
In early April, a representative from the Christie’s auction house revealed that Justin Sun had acquired several valuable pieces. After showing interest in some renowned artists such as Picasso, Andy Warhol, Basquiat and Renoir.
Thus, according to Giovanna Bertazzoni, vice president of Christie’s 20th and 21st century department, Sun’s endorsement of traditional artworks and its digital marketplace will help others follow a similar path.
The truth is that Justin Sun not only bought the Picasso that portrays the artist’s lover and muse, Marie Thérèse. Also, he was the buyer of “Three Self Portraits” (“Three Self Portraits”) a 1986 piece by Andy Warhol.
“I believe that more world-class artwork by world-class artists will be added to the JUST NFT Fund catalog in the future. Stay tuned.
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Participating in other auctions
It should be noted that this is not the first time that Sun has participated in an art auction at Christie’s. He was one of the interested bidders to acquire the NFT artwork from digital artist Mike Winkelmann known as Beeple, “Everydays: The first 5,000 days.”
“Another buyer outbid the offer at the last minute. NFT is definitely a revolution for the art industry. Both Justin and the TRON Foundation are very excited about the technology and will greatly support the ecosystem around it, “explained Tron spokesman Roy Liu.
By the way, at the beginning of the month, he also participated in the auction of non-fungible tokens (NFT) marketed by TIME magazine, where he won one of the covers. The cover is titled “The computer in the society” and was drawn by Boris Artzybasheff.
In short, the new acquisition by Justin Sun happens to be the most recent in NFT’s collection of him. Which has grown considerably in recent weeks.
Finally, the NFTs have given a lot to talk about. Both for the exorbitant prices that have been paid, and for the way in which they can transform digital art. What do you think about it? Let us know in the comment box.
I say goodbye with this phrase from Herman Melville: “Better to fail in originality than to succeed in imitation.”