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Justin Sun adds Picasso to the JUST NFT Fund for $20M

Justin Sun has purchased Picasso's "Femme nue couchée au collier" and Andy Warhol's "Three self portraits" for a combined $22million with the plan to tokenize the paintings

Justin Sun has announced via his Twitter that he has bought Picasso's "Femme nue couchée au collier" for a whopping $20million.

Sun did not stop here as he also purchased "Three self portraits" by Andy Warhol which amounted to $2million. Justin Sun, who is the founder of TRON and CEO of BitTorrent, plans to tokenize both of these paintings and launch them on TRON Foundation's "Just NFT Fund".

Justin Sun Picasso and Andy Warhol - AIBC News

Sun won the auction at the 20th Century Art evening at Christie's in London, the same auction house that auctioned off Beeple's "Everydays: The first 5,000 days" for a record breaking $69million in digital art.

Justin Sun is an advocate for cryptocurrencies and NFTs as he believes that the market is here to stay due to its massive potential. Sun anticipates that an estimated 50% of artists and artworks will end up being recorded as an NFT within the next decade.

As previously reported, Tron Foundation launched its own NFT called the "Just NFT Fund" which looks to acquire many talented artists around the world and act as a support base for them.

In an open letter to the TRON community, Justin Sun said:

“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"

Those artists that wish to be selected must have artwork worth over $1million with a median value of $10million. 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 had previously bought "The Ocean Front" from Beeple for $6million after failing with his bid for the "Everydays: The First 5,000 Days". All proceeds went to charity and the artwork will be "mapped at 1:1 to the TRON network, and become JUST NFT's first trend-setting NFT work."

About AIBC Dubai:

AIBC UAE will take place on the 25th to 26th May, 2021, in the emirate of Dubai. The event will bring together key brands and individuals from the converging sectors of AI, blockchain, IoT, Quantum Tech to discuss and shape the future of emerging tech.

It is one of the leading events globally for blockchain, AI, crypto, and other emerging technologies, and gathers together an elite selection of delegates, policymakers and thought leaders from across the globe. Such international recognition has helped propel AIBC Summit become a favourite on the world circuit for emerging tech conferences and expos.

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