In a bid to help bridge the gap between traditional art and the digital world, TRON founder and BitTorrent CEO Justin Sun recently announced the opening of JUST NFT, an NFT Ark Fund built on the TRON blockchain.
"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," shared Sun in an earlier release announcing the fund’s formation.
The launch showcases “The First Collections” which includes Femme Nue Couchee Au Collier (Marie-Thérèse), a work by Pablo Picasso. The 1932 piece was acquired by Sun through an auction held by Christie’s back in March 23rd. The collection also includes Andy Warhol's "Three Self-Portraits", Beeple's "Ocean's Front", Pak’s entire oeuvre of NFT art, as well as Time Magazine’s "The Computer in Society April 2nd, 1965" NFT cover, among others.
To date, the entire collection is valued at over $30 million. Details of the collection may be viewed here through TRONSCAN, TRON Network’s block explorer.
Ownership of the collections are mapped directly to the TRON blockchain through the TRC-721 token standard, and will be permanently stored on the TRON public chain and BitTorrent’s decentralized file storage system (BTFS).
“The mission of the JUST NFT Fund is the NFTization and blockchainization of the world's top artworks, and to build a bridge between the world's top artists and blockchain,” shared Sun.
NFTs have disrupted the art world as an innovative blockchain-based solution. Through unique digital signatures, NFTs have ensured the uniqueness, veracity, and circulation of an artist’s work.
Public data on the NFT market tallies the current total sales of works to have reached over $563 million, with the transaction volume exceeding $5.5 million. According to latest figures, a total of 196,000 works have been encrypted as NFTs and sold on various platforms, running the total market value of NFT art works to over $549 million.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.