Through the JUST NFT Fund, Sun has now acquired notable digital artworks including one from Beeple.
Justin Sun, the founder of TRON Foundation and CEO of BitTorrent, has acquired prestigious artwork by Picasso and Andy Warhol through his newly launched JUST NFT Fund. According to a press release on the matter, Sun won the bid to purchase Picasso’s “Femme nue couchée au collier” and Andy Warhol’s “Three self portraits” at a price of $20 million & $2 million respectively.
Notably, the auction took place at the 20th Century Art evening auctions at Christie’s in London. Sun has recently shifted his focus to the NFT market to capture the top-notch global artists through his newly launched JUST NFT Fund.
Justin Sun and the NFT Market
The JUST NFT Fund was established to help tokenize traditional artworks through blockchain technology to reach a global market. Both Picasso and Warhol have been recognized among the top global artists whose work has been displayed in traditional auctions. However, with the onset of the coronavirus pandemic, physical auctions have been affected by social distancing and stay-at-home order.
Tokenization of traditional artworks to digital NFT through blockchain technology has helped keep most artists at work especially during the pandemic. Through the JUST NFT Fund, Sun has now acquired notable digital artworks including one from Beeple.
“The winning of this auction is an important symbol of JUST NFT Fund’s official entry into the traditional art market! Since the addition of “OCEAN FRONT” by the most valuable NFT artist of our generation, Beeple for $6 million, at least three heavyweight works of art have been added to the JUST NFT Fund’s first collection list, and the fund size is now close to $30 million,” TRON noted through the press release.
The artwork by Picasso, Femme nue couchée au collier, is reportedly the highest-priced collection of 20th century art evening auctions at Christie’s in London, whereby it reached €15 million. Notably, the work was created by a famous Spanish artist and later painted by Pablo Picasso. On the other hand, Three self-portraits by Warhol was among his last works before his death. He originally created Three self-portraits back in 1986.
Sun has shown his commitment to helping bridge the traditional artworks to the new NFT market that has taken the blockchain and crypto industry by storm. According to Giovanna Bertazzoni, vice-chairman of Christie’s 20th and 21st centuries department, the endorsement of traditional artworks by Sun and his digital market will help others follow a similar path.
“The team in China was clever enough to say that we don’t have NFTs to offer, but has he seen this wonderful sale that’s just been announced in London?” Bertazzoni says.