Justin Sun Buys Picasso Painting for $20M to Tokenize on JUST NFT Fund

Justin Sun Buys Picasso Painting for $20M to Tokenize on JUST NFT Fund

In another whopping purchase, Justin Sun, the founder of one of the largest blockchain-based projects, TRON, and the CEO of BitTorrent, has bought Picasso’s “Femme nue couchée au collier” for $20 million. 

Besides that, he has also bought “Three self portraits” by Andy Warhol for $2 million, and he plans to tokenize both and launch them on the JUST NFT Fund in the weeks to come.

Justin Sun’s Forray into Digital Art Continues

Justin Sun is well-known within the cryptocurrency community and is undoubtedly one of its most influential proponents.

The young crypto tycoon has recently bought two paintings worth $22 million in total. According to a press release shared with CryptoPotato, Sun bought “Femme nue couchée au collier” by Picasso and “Three self portraits” by Andy Warhol for $20 million and $2 million, respectively. 

It goes without saying that both Picasso and Andy Warhol are amongst the best-known and greatest traditional artists, the work of whom has left a meaningful impact and immense influence on the whole world.

Sun won the auctions at the 20th Century Art evening at Christie’s in London. As CryptoPotato reported earlier, Christie’s managed to auction off Beeple’s ‘Everydays: The first 5,000 days” by Beeple for a whopping $69 million, shattering all records of digital art to date.

JUST NFT Fund Sized at Almost $30 Million

The CEO of Tron revealed earlier in March the launch of the JUST NFT Fund – a solution aiming to bridge the gap between digital ledger technology and artists who want to release their own non-fungible tokens. The fund focuses on top-notch artists and artworks and only accepts art pieces with a price tag of a minimum of $1 million with a median value of $10 million.

Speaking on the matter, Sun said:

I believe the art space is also subject to the 80-20 rule, where only the value of the artists sitting at the tippy-top of the pyramid can stand the test of time.”

With this in mind, both paintings that he recently acquired will be amongst the first works of traditional art ever to be tokenized and launched on the JUST NFT Fund in the weeks to come.

The first collection list of the fund will be sized at close to $30 million, given that Beeple’s OCEAN FRONT is also included.

Even more impressively, Picasso’s “Femme nue couchée au collier” is the highest-priced collection of the 20th century at evening auctions, according to Christie’s official website. It was painted in 1932. 

Featured image courtesy of Bloomberg