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The establishment of the JUST NFT Fund follows a recent successful bid by Sun on Beeple’s NFT artwork ‘Ocean Front’ for a whopping $6 million.
Tron Foundation founder and Rainberry Inc CEO Justin Sun has officially announced the JUST NFT Fund to further venture into the digital art world market. Through a Medium open letter, Sun noted that the fund will only focus on top-notch artists who have been in the traditional and digital art world for a long period.
“The highly sought-after NFT market calls for the birth of JUST NFT fund, which aims to be the ARK Funds in the NFT space to register world-class artworks as NFTs on the blockchain. JUST NFT fund was born to build a bridge between top-notch artists and blockchain, and to support the growth of native crypto NFT artists,” Sun noted.
Further, Sun noted that only digital artworks worth more than $1 will be covered by the JUST NFT Fund. “JUST NFT only focuses on top-notch artists and artworks. In principle, the fund only accepts art pieces with a price tag of no less than $1 million and a median value of $10 million. We believe the art space is also subject to the 80–20 rule, or the Pareto Principle, where only the value of the artists sitting at the tippy-top of the pyramid can stand the test of time,” Sun explained.
JUST NFT Fund by Justin Sun
The establishment of the JUST NFT Fund follows a recent successful bid by Sun on Beeple’s NFT artwork ‘Ocean Front’ for a whopping $6 million. Mike Winkelmann, better known as Beeple has taken the NFT market by storm after his $69 million digital artwork auction last month. Recent market data reveals that Winkelmann is at the top of the NFT market having sold approximately $100 million worth of digital artworks.
Beeple’s artworks are representatives of something deeper and he intends to use his influence to change the world for the better. As for the ‘Ocean Front’ artwork, Beeple noted that he is sensitizing people on the effect of global warming.
“The piece auctioned off represents what will eventually happen if we were to do nothing. Water levels will continue to rise until eventually, Ohio will be ocean front property. I am even more confident though that will not happen after yesterday. This is a community that cares about its carbon footprint and is taking active steps to make things better. This $6M bid will fund years of research so it’s truly an honor to be a part of this project with Justin,” Winkelmann noted after the auction.
The NFT market has grown tremendously in the past three months, taking the blockchain and crypto industry by storm. Last year, the NFT market recorded a trading volume of $250 million. Interestingly, the total sales in the past one month have already surpassed $220 million.