Tron Founder and BitTorrent CEO Justin Sun has established the JUST NFT Fund to bring publicity and legitimacy to the NFT market.
Sun said that the fund intends to mint the world’s top artworks on the blockchain. He said he would be working with high-profile artists to serve as consultants for the fund. “JUST NFT will build a bridge between blockchain and the world’s top artists, supporting the growth of native NFT artists in the world of crypto,” Sun said.
JUST NFT Fund
As the recent interest in NFTs has skyrocketed, traders have become apprehensive about lower quality work flooding the market. The JUST NFT Fund seeks to allay these concerns by focusing primarily on perceived as having long-term market value.
To this end, the fund is focusing on the world’s top artists and artworks. In practice, this means the fund will acquire work for no less than $1 million, with a median price of around $10 million. The fund will also include art market experts from traditional institutions such as Christie’s and Sotheby’s. Sun added:
“I believe that the value of the art market is set by the leading artists and works, and only the artists at the very top of the pyramid can hold and grow their value over time.”
Sun’s NFT Patronage
Sun has already been a major participant in the NFT market. He recently acquired Beeple’s “Ocean Front” at auction for $6 million. Later, in an open letter, Sun described the auction as “a symphony orchestrated by blockchain-based NFT art and traditional art.”
As the artist previously stated he would use the proceeds towards fighting climate change, Beeple congratulated Sun for his contribution. “Six million dollars for climate change. This is what we need to enact real, meaningful change…to work together instead of fighting one another,” the tweet stated.
Sun has also participated in several other auctions as well. On March 12, Christie’s auctioned off Beeple’s NFT, “Everydays: The First 5000 Days,” for a record $69.3 million. It was later revealed that Sun had also participated in the auction with a US $60 million bid. Sun further added:
“Artists who embrace the NFT trend will become hotly sought-after in the future, while collectors who purchase NFT works will set a new standard for the definition of art and act as an incubator for a new era renaissance.”
NFTs on Tron
Sun has stated that his blockchain project Tron, would strive to be an industry leader in NFTs. He plans to mint a series of artworks that were recently auctioned and map their ownership on the Tron public chain according to the TRC-721 standard.
The Tron founder stated his intention to have the works be permanently preserved on the Tron blockchain and BTFS decentralized storage system. The establishment of the JUST NFT Fund will surely contribute to this endeavor.