Justin Sun, Tron’s founder and the CEO of BitTorrent has launched the NFT for “The First Collections” which includes Picasso’s works.
Recently, the Just NFT Fund purchased a Picasso painting for $20 million to tokenize on the Fund. Earlier today, the team behind the project announced the official launch of the NFT for the collection which includes Picasso’s work.
Bridging The Gap Between Traditional Art And The Digital World
The NFTization of important works of art that existed for decades and centuries forms the bedrock of this project.
The launch showcases “The First Collections” which includes Femme Nue Couchee Au Collier (Marie-Thérèse), a work by Pablo Picasso. The 1932 piece was acquired by Sun through an auction held by Christie’s back on March 23rd. The collection also includes Andy Warhol’s “Three Self-Portraits”, Beeple’s “Ocean’s Front”, Pak’s entire oeuvre of NFT art, as well as Time Magazine’s “The Computer in Society April 2nd, 1965” NFT cover, among others.To date, the entire collection is valued at over $30 million
NFTs are a major innovation of blockchain technology in the field of art. By giving each work a unique digital signature, it can effectively ensure the uniqueness and circulation of the work. Through NFT technology, the digital format of any physical artwork can be uploaded to the BTFS system, and the corresponding NFT artwork’s BTFS address is generated. The information is then written into the smart contract according to the TRC-721 standard, and the uniqueness of the work is confirmed by the contract address. Take the NFT process of Picasso’s “Femme Nue Couchee Au Collier” as an example, the final contract address it generates is here, which validates its creation.
This marks JUST NFT Fund’s latest initiative to increase the number of actively engaged users with NFTs. Justin Sun said:
“I firmly believe that in the next ten years, 50% of the world’s top 100 artists and artworks will be NFTized. The JUST NFT Fund will embrace and strengthen this trend.”
The NFTization of such important works of art is more likely to break through the technology circle and attract full attention in the fields of art, collection, investment, and finance, and then to business in these industries.
“The mission of the JUST NFT Fund is the NFTization and blockchainization of the world’s top artworks, and to build a bridge between the world’s top artists and blockchain,” Justin said at the launch of the project.
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Consolidating The NFT Gold Rush
In the past few weeks, JUST NFT Fund has been advancing with leaps and bounds, which not only reflects Justin Sun’s unique strategic prowess, but also a powerful footnote to the overall positive market we are in. According to public data, the current total sales of the NFT market has reached $563 million, the transaction volume exceeds $5.5 million, and the total sales in February increased by nearly 8 times compared with January. As of April 25, a total of 196,000 pieces of encrypted art have been sold, and the total market value of NFTx art exceeds $549 million.
At present, other members of the JUST NFT fund team come from traditional art fields such as Christie’s and Sotheby’s, and are also active in the NFT industry. The fund is also inviting few of the world’s leading artists to join as art consultants. Justin Sun said: “JUST NFT Fund is committed to the NFTization and blockchainization of the world’s top artworks. Our vision is to become the ARK Ark Star Fund in the NFT field.”
TRON aims to serve as the underlying support platform of the JUST NFT Fund, providing a complete solution for the NFTization of traditional artworks. More so, Justin Sun expresses that its vision is to become the “ARK Ark Star Fund in the NFT field”.
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Featured image from Pixabay, Charts from Tradingview.com