With the NFT craze spreading like wildfire around the globe, Justin Sun, founder of Tron, have acquired an NFT titled, ‘Three Self-Portraits’ from popular American pop artist, Andy Warhol. The NFT was acquired on the newly-launched NFT platform set up by Binance, BinanceNFT. Three Self-Portraits was acquired for the sum of $2.8 million.
Tron and BitTorrent’s founder, Justin Sun has been a staunch collector of NFTs with a recent acquisition of one of Picasso’s artworks for a sum of $20 million. The crypto billionaire had failed to acquire Beeple’s Everydays: First 5000 days at an auction in Christie’s. Beeple’s Everydays sold for a whopping sum of $69.3 million which is currently the highest-grossing NFT sale. Metakovan had won the auction for NFT. Beeple recently launched a personal NFT platform, which according to reports was established to celebrate moments of history in sports, art and music. Reports also indicate that he is collaborating with two popular Tennis stars on the new project.
Justin Sun Also Acquired Beeple’s ‘Ocean Front’
Justin Sun was able to acquire Beeple’s ‘Ocean Front’ at a sum of $6 million. He has gone ahead to win several auctions after that. Meanwhile, he launched a new NFT fund tagged JUSTNFT recently, which according to him is geared at acquiring and minting artworks of top artists around the world. Sun had further said no artworks less than $1 million would be acquired by the fund.
NFTs Explained
A non-fungible token (NFT) is regarded as a unit of data with unique characteristics. An NFT could be one-of-one or one-of-a-kind. Items like audio, GIFs, videos, pictures, and artworks could be turned into NFTs. The first set of NFTs were issued as far back as 2016. The first NFTs that set the pace for the space were the Rare Pepes.
Cryptokitties and CryptoPunks were later released. Since then, NFTs have become really popular and in fact, are revolutionizing the art industry. At the time they became public, CryptoPunks were given out for free. Anyone who had an Ethereum wallet could claim them. There are only 10,000 CryptoPunks available and about 9,523 have been sold already. Recently, a CryptoPunk sold for $12million at Sotheby’s.
Binance’s NFT platform launched on June 24 and several sales have been made since the platform’s launch. Binance featured works by 100 digital artists and content creators around the world, including Nigeria. The platform partnered with notable NFT firm, APENFT to facilitate Justin Sun’s latest acquisition. APENFT stated that all the pieces of the Three Self-Portrait collection have been acquired. The firm also hinted at a proposal which would introduce deflationary mechanisms into NFTs if approved.
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