Tron Founder and BitTorrent CEO Justin Sun announced the establishment of the JUST NFT Fund

Tron Founder and BitTorrent CEO Justin Sun founded the JUST NFT Foundation to bring openness and legitimacy to the NFT marketplace.

Tron Founder and BitTorrent CEO Justin Sun announced the establishment of the JUST NFT Fund

According to Sun, the fund intends to cast the world’s top works of art on the blockchain. He said he will work with famous artists to advise the fund.

Sun stated:

“JUST NFT will build a bridge between blockchain and the world’s top artists, supporting the growth of native NFT artists in the world of crypto.”

As recent interest in the NFT has skyrocketed, traders have become apprehensive that lower quality is flooding the market. The JUST NFT Foundation seeks to address these concerns by focusing primarily on perceived long-term market value.

To this end, the foundation is focusing on the world’s top artists and works of art. In practice, this means that the fund will buy the work for no less than $ 1 million, with an average price of around $ 10 million. The foundation will also include art market specialists from traditional organizations such as Christie’s and Sotheby’s.

Sun added:

“I believe that the value of the art market is set by the leading artists and works, and only the artists at the very top of the pyramid can hold and grow their value over time.”

Sun has already been a major participant in the NFT market. He recently acquired Beeple’s “Ocean Front” at auction for $ 6 million. Later, in an open letter, Sun described the auction as a symphony orchestrated by blockchain-based NFT art and traditional art. As the artist previously stated he would use the proceeds towards fighting climate change, Beeple congratulated Sun for his contribution.

Sun has also participated in several other auctions as well. On March 12, Christie’s auctioned off Beeple’s NFT, “Everydays: The First 5000 Days,” for a record $ 69.3 million. It was later revealed that Sun had also participated in the auction with a US $ 60 million bid.

Sun further added:

“Artists who embrace the NFT trend will become hotly sought-after in the future, while collectors who purchase NFT works will set a new standard for the definition of art and act as an incubator for a new era renaissance.”

Sun has stated that his blockchain project Tron, will try to be an industry leader in the NFT. He plans to cast a variety of recently auctioned artworks and map their ownership on the Tron public chain to the TRC-721 standard.

The Tron founder has declared his intention for works to be permanently preserved on the Tron blockchain and decentralized storage system BTFS. The establishment of the JUST NFT Fund will certainly contribute to this effort.

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