Justin Sun Buys And Donates New Art Piece Worth $78.4 Million
Justin Sun, a renowned crypto investor and the founder of TRON, purchased Alberto Giacometti’s Le Nez (1947) for $78.4 million on Tuesday, November 16, 2021. He purchased the art piece during the sale of Macklowe’s collection at an auction by Sotheby’s.
Sun unveiled a new investment fund in March focused on acquiring blue-chip art pieces. The fund is unique in that it is an NFT (non-fungible token) investment fund. Since then, he has been on an art-buying spree.
The fund’s launch coincided with Sun’s purchase of works by Picasso and Warhol for a total of $22 million at auction. He pledged the two art pieces as part of the collection for the NFT fund.
On November 16, 2021, Sun announced that he donated Le Nez to the APENFT foundation to help further their work.
Sun spent $611,710 to buy an EtherRock NFT in August 2021, which is likely to be included as part of the collection held by his NFT investment fund. At the time, he said that the NFT art piece was like buying a Picasso in 1932.
The Ether Rocks collection is one of the oldest non-fungible tokens launched in December 2017 and is made up of 100 digital rocks created on the Ethereum blockchain.
The ETHRocks were sold for a mere 0.0999 ETH, equivalent to approximately $300 at the time, but are now going for between $134,240 and $3 million.
Justin Sun became famous for popularising the crypto industry via public initiatives such as his $4.57 million lunch with Warren Buffett. He attempted to convince the respected value investor about the benefits of crypto.
Sun launched the TRON Foundation in 2017 but had been involved in the crypto space for several years since his first Bitcoin investment in 2011. The TRON foundation is the source of most of Sun’s net worth, but his recent ventures are worth watching.