Tron Foundation launches “Just NFT Fund”
Tron Foundation launches its own NFT called the “Just NFT Fund”, set to become the ArkFunds in the NFT market
Justin Sun announced to his TRON’s stakeholders and followers that NFTs are here to stay and are becoming a market with massive potential. Sun anticipates that around 50% of today’s artists and artworks will be recorded as an NFT within the next 10 years.
The purpose of the Just NFT Fund is to acquire talented artists around the world and help them grow and support the selected creators.
In the open letter to the TRON community, Justin Sun says:
“The highly sought-after NFT market calls for the birth of JUST NFT fund, which aims to be the ARK Funds in the NFT space to register world-class artworks as NFTs on blockchain. JUST NFT fund was born to build a bridge between top-notch artists and blockchain, and to support the growth of native crypto NFT artists”
However, there are specific requirements set out by TRON to be apart of the Just NFT Fund. Artists must have artwork worth over the $1million mark with a median value of $10million. If an artist satisfies these requirements, then they will be signed to the fund.
Sun added that TRON believes that “the art space is subject to the 80-20 rule, or the Pareto Principle, where only the value of the artists sitting at the tippy-top of the pyramid can stand the test of time.”
Justin Sun has been a huge and active fan for NFTs, bidding on Beeple’s famous Everydays: The First 5,000 Days but losing at the very last moment. However, he was successful on his second attempt with a Beeple artwork, winning “The Ocean Front” which sold for $6million with proceeds going to charity.
The artwork that Justin Sun purchased will be “mapped at 1:1 to the TRON network, and become JUST NFT’s first trend-setting NFT work.”
Sun is backing NFTs and believes that the majority of art will be moved online rather than in traditional forms of artworks. Additionally, the fact that NFTs are not limited to just artworks, as the music and sports industry are also minting digital collectibles, proves that the NFT market’s potential is huge.
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