Tron's Justin Sun Announces JUST NFT Fund For Pieces With USD 1M+ Tag
Tron (TRX)'s head Justin Sun today announced the establishment of a high-priced non-fungible tokens (NFTs)-dedicated fund, as well as the hiring of a "top tier" artist as its chief advisor.
In a letter by the Tron Foundation and signed by Sun, the company said that "the highly sought-after NFT market calls for the birth of JUST NFT Fund," the goal of which is to register world-class artworks as NFTs on blockchain.
NFTs have been gaining massive popularity this year, and Tron predicts that they "will continue to be in the limelight, and revolutionize the underlying structure and value exchange of the physical and blockchain space." Furthermore, the Foundation estimates that 50% of the world's best artists and artworks will be recorded as NFTs in the next decade.
JUST NFT Fund will therefore act as a bridge between artists and blockchain, but only accepting art pieces with a price tag of no less than USD 1m and a median value of USD 10m. The letter said that,
"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."
Core members of the Fund hail from traditional art space and auction houses such as from Christie’s and Sotheby’s, with "extensive experience in both traditional and digital art space." The company plans to hire "a top-tier artist" as the chief NFT advisor of the Fund.
As reported, Sun won the bid last week for an NFT piece called 'Ocean Front', by the record-breaking artist Beeple. Sun paid USD 6m for it after he had failed to acquire Beeple's artwork famously sold for USD 69m. 'Ocean Front' will be mapped at 1:1 to the TRON network, said the letter, and will become JUST NFT’s first NFT work.
In February, Sun said he was going "all in" on decentralized finance (DeFi), while last year he announced plans to create a new ecosystem for DeFi on Tron, dubbed "JUST DeFi." He launched JustSwap, Tron’s token swap protocol, and JustLink, a decentralized blockchain oracle.
At 7:40 UTC, 19th coin by market capitalization, TRX, is trading at USD 0.064. It's up 1.2% in a day and 40% in a month. It's unchanged in a week.
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