The founder of a popular cryptocurrency platform surprised everyone after making an unexpected purchase of a strange piece of “art”.
Crypto entrepreneur Justin Sun now owns the controversial item Banana taped to the wall The artwork, which some analysts suggest may be integrated into Sun’s digital asset platform using APENFT.
Convert art into NFTs
Maurizio Cattelan’s famous masterpiece “The Comedian” has been purchased by the founder of TRON for A whopping $6.2 million. Like many people around the world, Sun seems to have been fascinated by the art of the “banana on the wall.”
Some observers said Sun saw something beyond the beauty of the artwork, suggesting the cryptocurrency entrepreneur might be interested in using art in his own blockchain ecosystem.
Analysts think so Justin Sun He is integrating the artwork he has been collecting into the TRON network with the help of APENFT, saying that Sun’s real goal with the art collection is to turn these masterpieces into non-fungible tokens (NFTs).
Under the cryptocurrency platform, the TRC-721 NFT standard allows the creation and transaction of digital art.
The crypto platform is known to be the third largest chain when talking about Total Value Locked (TVL). DeFiLlama estimates that the network dominates approximately 7% of the TVL market through 34 protocols.
As of Thursday, the market cap of cryptocurrencies reached $3.18 trillion. Chart: TradingView
A symbolic gesture?
Reports said that the TRON CEO’s purchase of a banana plastered onto a wall art could be a “symbolic gesture” to integrate the artwork into the digital NFTs space.
The APENFT Foundation, set up by the cryptocurrency founder, is buying works of art. He then transforms these masterpieces into digitally displayable pieces in the virtual APENFT Museum in the Metaverse Cryptovoxels.
TRON Founder Justin Sun. Image: Kryptomoney
APENFT Marketplace, an NFT trading platform launched by APENFT on TRON, features groups like TPunks and TronMe, analysts said. The cryptocurrency network also has TronVerse, a play-for-profit game that uses NFTs.
With the help of the platform’s TRC-721 standard and the APENFT ecosystem, a crypto entrepreneur can create an art offering in the metaverse and position TRON as a major player in NFT.
Other art collections
As an art collector, Justin Sun invests in acquiring the finest art. Sun viewed the “comedian” as little more than a banana on duct tape.
“It represents a cultural phenomenon that connects the worlds of art, memes and the cryptocurrency community,” he said.
Reports stated that the TRON founder was able to beat out bids from six other individuals to take home the contemporary artwork.
Aside from “The Comedian”, Sun previously bought Alberto Giacometti’s “Le Nez” for $78.4 million at auction in 2021. He also spent $20 million to acquire one of the masterpieces by famous painter Pablo Picasso.
The cryptocurrency founder is also the proud owner of three Andy Warhol self-portraits which he purchased for $2 million during Christie’s 20th Century Evening Art Auction.
Featured image from Kina Bettencourt/AFP/Getty Images/ Agence France-Presse, Chart from TradingView
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