Justin Sun Announces Establishment of the JUST NFT Fund - Building a Bridge Between Blockchain and the World’s Top Artists
SAN FRANCISCO, CA / ACCESSWIRE / March 29, 2021 / On March 28th, Justin Sun, founder of TRON and BitTorrent CEO, has officially announced the establishment of the JUST NFT Fund, along with plans to invite well-known artists to act as art consultants for the fund.
Speaking to reporters, Sun said the mission of the JUST NFT fund is the NFTization and transfer of the world’s top artworks to the blockchain. “We will become the best performing Ark Fund in the NFT industry. JUST NFT will build a bridge between blockchain and the world’s top artists, supporting the growth of native NFT artists in the world of crypto.”
Sun revealed that the fund will reserve its focus for the world’s top artists and artworks. In principle, the minimum value of an artwork acquired by the fund will be no less than $1 million, with a median price of around $10 million. “I believe that the value of the art market is set by the leading artists and works, and only the artists at the very top of the pyramid can hold and grow their value over time.”
The main supporter of the JUST NFT fund is Justin Sun, with the fund’s principle team made up of art market experts from traditional institutions including Christie’s and Sotheby’s who are active in the world of NFT crypto art. One aspect of the NFT sector recently criticized by traders is that more and more low quality artworks have entered the fray. The JUST NFT fund has set a threshold for selection of works of art based on considerations of likely long-term market value.
In accordance with Sun’s philosophy on the value of the art market, the JUST NFT fund will focus closely on the leading crypto artists and investors. Sun recently successfully acquired Beeple’s “Ocean Front” at auction for $6 million, later issuing an open letter saying the auction was “a symphony orchestrated by blockchain-based NFT art and traditional art.” After learning of Sun’s auction win, Beeple immediately sent his congratulations tweeting: “Six million dollars for climate change. This is what we need to enact real meaningful change…to work together instead of fighting one another.”
Since NFTs have become the new craze in both the tech and art spheres, Justin Sun has participated in auctions a number of times. On March 12, Christie’s realized a hammer price of $60.25 million for the sale of the Beeple NFT, “Everydays: The First 5000 Days,” which not only made set a record for the third highest price paid for a living artist’s work, but also launched NFTs into the public eye, drawing huge attention to the intersection of technology, art, investment and collecting. Following the auction, media revealed that Sun had also participated, with a maximum effective bid of US $60 million, indicating his determination to enter the field. “Blockchain technology can build a bridge between traditional art and the latest technology, which is a rare opportunity for both the blockchain industry and the art industry. Artists who embrace the NFT trend will become hotly sought-after in the future, while collectors who purchase NFT works will set a new standard for the definition of art and act as an incubator for a new era renaissance. Tron will take the lead in exploring new models in the industry,” said Sun.
Even more indicative of Sun’s determination to enter the industry are his plans to NFTize a series of artworks recently auctioned, and map their ownership on the Tron public chain according to the TRC-721 standard. The works will be permanently preserved on the Tron blockchain and BTFS decentralized storage system.
As one of the three major public chains in the world, Tron’s users now exceed 26 million, with the number of transactions numbering over 1.7 billion. In the increasingly rich blockchain business ecology, the establishment of the JUST NFT fund means that Sun has opened up another area, representing a very significant milestone for Tron in its entry into the NFT industry.
TRON is dedicated to accelerating and the decentralization of the internet through blockchain technology and decentralized applications. Founded in September 2017 by Justin Sun, the company has delivered a series of achievements, including MainNet launch on May 2018, network independence on June 2018, and TRON Virtual Machine launch on August 2018. July 2018 also marked the acquisition of BitTorrent, a pioneer in decentralized services boasting approximately 100M monthly active users.
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