Tron founder Justin Sun announced the opening of the JUST NFT Fund to create a “bridge” between the world’s leading artists and the non-fungible token (NFT) market.
In recent years, the NFT industry has grown rapidly and has attracted unprecedented public attention. Various artists and music performers are starting to release their own NFTs, tokenizing their works. Sun suggests that the NFT industry will continue to attract celebrity interest for a long time to come and will bring dramatic changes to the exchange of value between the physical space and the world of blockchain.
According to Nonfungible, the total turnover of NFT transactions made in the past year has tripled to $ 250 million. Over the past month, the trade volume with collectible tokens has exceeded $ 220 million. Therefore, Sun believes that in the next ten years, about 50% of works of art will be registered in as non-replaceable tokens.
The Tron executive revealed that the JUST NFT Fund was created to “move” world-class artwork onto the blockchain. The foundation will become the link between talented artists and the blockchain, but with certain limitations. The JUST NFT Fund accepts only expensive works with an average cost of $ 10 million, and the minimum price for works of art must be at least $ 1 million. Sun explained that the art space also obeys the Pareto principle, according to which 20% of the efforts made provide 80% of the result, and the rest 80% of the effort gives only 20% of the result. According to San, “only the valuable work of the artists at the top of the pyramid can stand the test of time.”
Auction houses Christie’s and Sotheby’s, which have recently entered the NFT industry, have become participants in the fund. Through interaction with them, Sun intends to develop the “crypto-art sector”. Sun revealed that on March 23, 2021, he won a tender for a painting titled “Ocean Front”, which was offered for sale in NFT form by artist Michael Winkelmann, working under the pseudonym Beeple. Sun bought this painting for $ 6 million. This work will be the first copy of NFT in the JUST NFT Fund. In the future, the collection of the fund will be replenished with other works of art.
As a reminder, this month the Tron developers presented the technical documentation for the new TRC-721 standard for creating collectible tokens. TRC-721 will be fully compatible with ERC-721 used to create NFTs on the Ethereum blockchain.
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