- TRON Foundation CEO, Justin Sun launches the JUST NFT Fund.
- Artwork to start at $1 million.
- His $6 million bid-winning NFT artwork by Beeple to be showcased on Tron.
TRON Foundation’s CEO, Justin Sun, unveils the JUST NFT Fund, a project aiming to create, register and showcase exclusive non-fungible token (NFT) artwork on TRON. In light of the current growing NFT market, the project aims at being the “ARK Funds” in the space, registering world class artwork as NFTs on Tron blockchain, an open letter from Sun reads.
— Justin Sun???? (@justinsuntron) March 29, 2021
The JUST NFT will only focus on exclusive, world-class and top artists work with a minimum of $1 million price tag set on every artwork. This aims to tap into the growing digital artwork scene – taking up only the best of art pieces and artists.
“JUST NFT only focuses on top notch artists and artworks. In principle, the fund only accepts art pieces with a price tag of no less than $1 million and a median value of $10 million,” the letter reads.
The NFT market space has experienced massive growth in the past six months, as retail and institutional interest continues to grow. According to Nonfungible.com, the NFT market traded a total of nearly $220 million, as of writing, in the past month alone, a comparable figure to the $250 million traded in 2020.
Justin has been one of the enthusiasts taking up NFT, bidding millions of dollars for different art pieces including a staggering $6 million bid (which he won) for Beeple’s “Ocean Front” art piece.
Sun explained the Fund was “built to build a bridge between top-notch artists and blockchain”. JUST NFT Fund will further support the burgeoning growth in the NFT marketplace by giving native crypto NFT artists a platform too.
To launch off the project, the ‘Ocean Front’ NFT will be mapped at 1:1 to the TRON network.
A Beeple-Sun collabo?
The JUST NFT is also looking for a ‘top tier’ artist to lead the project forward, Sun wrote on Twitter. The artist will advise the development team on the project as the chief NFT advisor of the fund.
And while it seems far off, could Beeple be the man to lead JUST NFT? Mike Winkelmann, or Beeple, an American digital artist, caught an eye of many as his NFT collectible artwork sold for $69 million, the third most expensive artwork by a living artist.