Justin Sun Buys Picasso Painting for $20M to Tokenize on JUST NFT Fund
Justin Sun, the founder of one of the largest blockchain-based projects, TRON, and the CEO of BitTorrent, has Picasso’s “Naked Woman with a Necklace ”for $ 20 million.
He has also bought Andy Warhol’s “Three Self-Portraits” for $ 3 million and plans to tag both and put them on the JUST NFT Fund in the coming weeks.
Justin Sun’s foray into digital art continues
Justin Sun is well known in the cryptocurrency community and hands down one of its most influential proponents.
The young crypto tycoon recently purchased two paintings totaling $ 22 million. According to a press release shared with CryptoPotato, Sun bought “Femme nue couchée au collier ”by Picasso and“ Three Self-Portraits ”by Andy Warhol for USD 20 million and USD 2 million, respectively.
It goes without saying that both Picasso and Andy Warhol are some of the most famous and greatest traditional artists whose work has left a significant and immense impact on the world.
Sun won the auctions at the 20th Century Art Night at Christie’s in London. As CryptoPotato reported earlier, Christie’s succeeded in auctioning Beeple’s “Everydays: The First 5,000 Days” for a whopping 69 million US dollars, shaking all previous digital art records.
Nearly $ 30M NFT Funds ONLY
Tron’s CEO announced the launch of the JUST NFT Fund in early March – a solution that aims to bridge the gap between digital ledger technology and artists looking to release their own non-fungible tokens. The fund focuses on top-notch artists and works of art and only accepts works of art priced at $ 1 million or more and with an average value of $ 10 million.
Sun said on the matter:
I believe the art space is also subject to the 80-20 rule, according to which only the worth of the artists sitting at the top of the pyramid can stand the test of time. “
With this in mind, both paintings he recently acquired will be among the first works of traditional art to be issued as tokens for the JUST NFT Fund in the coming weeks.
The fund’s initial collection list will be valued at nearly $ 30 million as it also includes Beeples OCEAN FRONT.
Picasso’s “Femme nue couchée au collier ”is, according to Christie’s official website, the most expensive collection of the 20th century at evening auctions. It was painted in 1932.
Selected image courtesy of Bloomberg
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