Emily Walker
The creator of a prominent cryptocurrency platform has surprised the public by acquiring an unusual piece of “art.”
Justin Sun, a well-known figure in the cryptocurrency world, has now bought the infamous duct-taped banana on a wall, an artwork that some analysts believe could be utilized within Sun’s digital asset platform via APENFT.
Transforming Art into NFTs
The TRON founder has acquired Maurizio Cattelan’s famous piece, “Comedian,” for a staggering $6.2 million. Sun appears to share a fascination with this unconventional art, just like many around the globe.
Observers speculate that Sun’s interest extends beyond its aesthetic value, hinting that he may have plans to incorporate it into his blockchain environment.
Experts think that Justin Sun aims to integrate the artworks he collects into the TRON network, employing APENFT, with a focus on converting these pieces into non-fungible tokens (NFTs).
The TRC-721 NFT standard available on the platform allows for the creation and sale of digital art.
Recognized for its significance in the crypto realm, the platform ranks as the third-largest chain in terms of total value locked (TVL), holding around 7% of the TVL market across its 34 protocols, according to DeFiLlama.
A Meaningful Action?
It has been reported that the TRON executive’s acquisition of the banana artwork might symbolize a move to bring art into the NFT domain.
The APENFT Foundation, founded by Sun, purchases art pieces and subsequently transforms them into digital exhibits in the APENFT Virtual Museum located in the Cryptovoxels metaverse.
Experts note that the APENFT Marketplace, an NFT trading platform established by the foundation on TRON, showcases collections such as TPunks and TronMe. Additionally, the network includes TronVerse, a play-to-earn game utilizing NFTs.
Through the TRC-721 standard and the APENFT framework, Sun can curate an art exhibit within the metaverse, positioning TRON as a key player in the NFT landscape.
Other Art Collections
As a committed art collector, Justin Sun has made significant investments in renowned pieces. He perceives “Comedian” as deeper than just a banana taped to a wall.
“It symbolizes a cultural phenomenon linking art, memes, and the cryptocurrency sector,” he remarked.
Reports indicate that Sun outbid six competitors to acquire this contemporary art piece.
In addition to “Comedian,” he previously bought Alberto Giacometti’s “Le Nez” for $78.4 million at an auction in 2021, and invested $20 million for a work by the esteemed artist Pablo Picasso.
Furthermore, Sun owns Andy Warhol’s Three Self-Portraits, which he acquired for $2 million at Christie’s 20th Century Art Evening Sale.
Featured image from Kena Betancur/AFP/Getty Images/AFP, chart from TradingView