Forget the Metaverse – Justin Sun Spent Over $ 78 Million on “The Nose” Artwork


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NEW YORK, November 18, 2021– (COMMERCIAL THREAD) – Justin Sun, the founder of TRON, CEO of BitTorrent, won the auction on Alberto Giacometti’s “The Nose” for a purchase price of $ 78.4 million at the auction of fall from Sotheby’s in New York!

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Forget the Metaverse – Justin Sun Spent Over $ 78 Million on “The Nose” Artwork (Photo: Business Wire)

Nothing attracts more attention in today’s crypto world than the Metaverse and NFT. The former attracted a swarm of businesses large and small including Meta (parent company of Facebook), Microsoft, Disney, Nvidia and BATJ to place their bets, but most of them jumped on the bandwagon without noticing. the lack of real use cases. in this area, a crucial point that urgently needs to be resolved.

Quite the contrary, the very promising NFT space, which is a hub for quality artwork and a natural fit for blockchain-based art, has resulted in a flow of premium and use cases. is experiencing incredible momentum. According to available sources, on November 15, the total market capitalization of NFTs hit a new high of $ 55 billion.

Among the crowd of leading art collectors, Justin Sun and his TRON are a leading force. On November 16, Justin revealed in his Weibo article that he had won the auction for The Nose, an iconic work by revered Swiss surrealist artist Alberto Giacometti, for more than $ 78 million at the time of sale. at Sotheby’s fall auction in New York. His persistent efforts to purchase prominent works of art have put him in the spotlight around the world. To others it may seem like nothing more than pure astronomical numbers, but to Justin himself, with all the wealth and fame he’s accumulated, it clearly means a lot more.

Aim High – Bring in world-class artwork in the form of NFT

The track Justin Sun landed this time is not to be taken lightly. Featured on the cover of the catalog of the Sotheby’s sale of The Macklowe Collection in New York, The Nose is one of Giacometti’s most important and influential sculptures. The other works in this series have all been collected by renowned museums around the world, including the Center Pompidou, the Alberto and Annette Giacometti Foundation, the Kunstmuseum Basel, etc. In 2018, the Solomon R. Guggenheim Museum organized a Giacometti retrospective, where The Nose featured on the catalog cover, amply attesting to the central role of this sculpture both in Giacometti’s artistic career and in the history of the art.

Justin Sun and TRON followers all know that this avid art collector has invested heavily in converting the best works of art to NFT from the start. His acquisition of the masterpiece marks another great achievement for TRON in the field of crypto art.

Born in 1990, Justin Sun just turned 30 last year, but already made a billionaire with a scintillating career. With all the luxury of staying behind the scenes and living life to the fullest, it has remained at the forefront of the crypto space and has continued to forge ahead. “I got to know Bitcoin in 2012, when I was only 22, and entered the industry by accident. I realized early on that blockchain will be my lifelong career.” Justin once said it.

And he kept his word. From DApps, stablecoins, distributed storage, NFT, then metaverse, he led TRON to become one of the top three public chains in the world and is one of the pioneers to see how blockchain evolved into what it is. is today.

As a forerunner in the NFT space, Justin Sun has joined the auction for many top notch works of art.

Last March, Justin acquired Femme nue lying au collier (Marie-Thérèse) from famous artist Pablo Picasso for $ 20 million and Three Self-Portraits by American artist Andy Warhol for $ 2 million at the evening sale. 20th century art from Christie’s. He also spent $ 6 million and won the auction for OCEAN FRONT, an NFT artwork by crypto artist Beeple.

As a result, Justin Sun amassed many top-notch works of art and donated them to the APENFT Foundation for Innovation in the Arts. Earlier in April, Justin bought Computer in Society – April. 2, 1965, an NFT cover of TIME magazine, sold at a hammer price of 117 ETH ($ 209,736). Later in June, he won the auction for the Golden Whale Pass, an NFT based on the Liquid side chain, which granted him lifetime access to future Bitcoin conference events. The 12.6 BTC he paid for this NFT makes it the most expensive Bitcoin NFT ever sold.

It should also be noted that Justin Sun won one of the “Package Painting” series created by KAWS in 2001 titled “UNTITLED (KIMPSONS)” with HK $ 2.5 million in the first art auction. “CONTEMPORARY CURATED: ASIA” curated by Jay Chow. .

On October 3, Justin tweeted about his recent acquisition of three Digital Zones editions, a series of NFT artwork created by artist Mitchell F. Chan, for 569 ETH (or $ 1.71 million). and his decision to donate them to the APENFT Foundation.

As an insightful industry leader, Justin Sun built a large footprint in the NFT space early on and translated his ideas on NFT into action.

“I started thinking about venturing into the NFT sphere last year. My estimate is that 50% of the top 100 artists and works of art in the world will be registered as NFT within the next decade. The technology Blockchain bridges the gap between traditional art and avant-garde technology, providing a unique opportunity for both blockchain and the art industry. “

CoinGecko statistics from November 16 show that the total market capitalization of NFT tokens stands at $ 49.5 billion and the 24-hour trading volume has reached $ 7.1 billion. It’s not hard to say that NFT has already become an area of ​​strategic importance to the blockchain industry.

Two pillars – Diversified growth and a robust ecosystem

The blockchain industry is in urgent need of stricter regulation as it becomes more widespread. Faced with higher barriers to entry and tighter regulations, diversity and robustness have proven to be what it takes to survive in this industry.

In this regard, Justin Sun’s forward-looking efforts left many speechless. Three years after launching its MainNet, TRON has branched out into areas such as NFT, DeFi, decentralized storage and Oracle, and has recorded substantial achievements.

Particularly noteworthy is TRON’s recent compliance and stablecoin accomplishments. Its listed ETN in Europe, VTRX (VanEck TRX ETN), joined the ranks of Bitcoin and Ethereum to become the third crypto asset in the world registered as a financial product legally traded in a dozen European countries. In addition, TRX has now become one of the digital assets of choice for many leading investment institutions and financial titans to add to their portfolios. Just a few weeks ago, global leader in asset management VanEck increased its stake in TRX from 600 million to 800 million, which is now worth around $ 102 million.

On stablecoins, the TRON-based USDT recently saw its circulating supply surpass 38.9 billion, surpassing the Ethereum and Bitcoin-based USDT to top the rankings in terms of stable coin supply. With the 3-5 million daily transactions and over $ 50 billion in assets hosted on TRON, Justin Sun and his TRON now have a bolder goal in mind. “TRON, by settling Paypal’s daily transactions five times, has demonstrated its potential to become the global human settlement layer of the future. This is the new vision for the TRON protocol.”

Quite similar to Swiss artist Alberto Giacometti who focused on realism and the life status of people, Justin Sun is brimming with passion and vision for blockchain, which ultimately will be embodied in his TRON.

View the source version on businesswire.com: https://www.businesswire.com/news/home/20211117006467/en/

Contacts

Angela An
[email protected]
Website: https://tron.network
Twitter: @Tronfoundation
Telegram: http://t.me/tronnetworkFR

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