NFT fans will be able to enjoy digital visualizations of Picasso’s work as non-fungible tokens courtesy of Justin Sun’s JUST NFT Fund. This initiative is Sun’s latest attempt to bridge the gap between traditional art and its digital counterparty.
JUST NFT to Introduce Picasso’s Work
To take advantage of the growing demand for non-fungible tokens, Justin Sun, TRON’s founder and BitTorrent’s CEO, introduced a new development last month called JUST NFT Fund. Shortly after, Sun acquired a Picasso painting for $20 million to tokenize it on the Fund.
Earlier today, the team behind the project announced the official launch of the NFT for “The First Collections,” which includes Picasso’s work, in a press release shared with CryptoPotato.
The statement explained that the ownership of the collections is mapped to the TRON chain through the blockchain’s TRC-721 standard. As such, it will be “permanently stored on the TRON public chain and BTFS, which marks the ‘first show’ in history of Picasso’s works on the blockchain.”
This marks JUST NFT Fund’s latest initiative to increase the number of actively engaged users with NFTs.
“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.” – commented Justin Sun.
The growth of the sector is exemplified by the total number of sales worth nearly $600 million, the announcement explained. Additionally, roughly 200,000 pieces of encrypted art have changed hands as of today.
Closing the Gap
The PR outlined the Fund’s intentions to reduce the gap between traditional physical art and the growing in popularity sector of NFT, described as a “major innovation of blockchain technology in the field of art.”
Through NFT, the digital format of any physical artwork can be uploaded to the BTFS system, which generates a corresponding NFT artwork’s BTFS address. The information is then written into the smart contract in accordance with the TRC-721 standard, and “the uniqueness of the work is confirmed by the contract address.”
Starting with “such important works of art” like Picasso’s 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.”