coincodex.com
Key highlights:
- Justin Sun's JUST NFT Fund has purchased a 1932 Picasso painting for $20 million
- The fund is representing the artworks it purchases as NFTs on the TRON blockchain
- The fund also owns artworks by Andy Warhol, Beeple and Pak
JUST NFT Fund buys $20 million Picasso painting and turns it into an NFT
The JUST NFT Fund is continuing its streak of collecting high-value artworks and registering them as NFTs on the TRON blockchain. The latest piece to be added to the JUST NFT Fund collection is "Femme nue couchée au collier", a 1932 piece by Pablo Picasso. The painting was purchased for $20 million at a Christie’s auction.
As with the other artworks purchased by the JUST NFT Fund, the fund is representing the Picasso piece as an ERC-721 standard token on the TRON blockchain. In the process of tokenization, the fund also leverages the BitTorrent File System (BTFS), a decentralized file storage protocol and network.
(1/3)? I am thrilled to announce that Pablo Picasso’s artwork has been NFTized for the first time ever by JUST NFT Fund. pic.twitter.com/AltRFTwlwd
— Justin Sun ?? (@justinsuntron) April 28, 2021
NFTs are gaining popularity because they make it simple to represent ownership of digital art, collectibles, virtual items, and even real-life assets. Thanks to the immutable and transparent design of blockchains, it’s very easy to prove who originally issued any given NFT and who the current owner is.
Besides the freshly purchased Picasso, the JUST NFT fund also owns artworks by Andy Warhol, Beeple, Pak, and others. According to the fund, the value of its collection is sitting at over $30 million.
TRON founder Justin Sun says that the purpose of the JUST NFT Fund is to promote the benefits of using blockchain technology in the art industry, collectibles business and finance. Sun believes that NFT technology will continue gaining ground in the art world, leading to the widespread tokenization of famous artworks:
"I firmly believe that in the next ten years, 50% of the world's top 100 artists and artworks will be NFTized. The JUST NFT Fund will embrace and strengthen this trend."
In addition to Justin Sun, the JUST NFT Fund also has members from the traditional art sector, and the fund is looking to add prominent artists as art consultants to help keep the fund on the right track.
As for TRON, the platform continues seeing adoption thanks in large part to its cheap and fast transactions. The TRON blockchain is also now the largest platform for USDT, the biggest stablecoin by market capitalization. There is now 26 billion USDT issued on TRON, while there’s 24.4 billion USDT tokens currently issued on the Ethereum blockchain.