Tron’s founder and the CEO of BitTorrent, Justin Sun, has launched the NFT (Non-Fungible Token) for “The First Collections”, which includes the works of Picasso. This is the first time Picasso’s works have been converted to NFT. A Picasso painting was recently purchased by the Just NFT Fund for US$20 million for tokenizing on the fund.
Converting important works of art (which existed for decades and centuries) to NFT is the main aim of this project. During the launch of “The First Collections”, it showcased the Femme Nue Couchee Au Collier (Marie-Thérèse) work by Pablo Picasso. This piece of art of Picasso was done in 1932 and it was bought by Sun on March 23 through an auction from Christie.
This collection that has been converted to NFT includes a wide range of other artworks such as:
- “Three Self-Portraits” by Andy Warhol
- “Ocean’s Front” by Beeple
- “The Computer in Society April 2nd, 1965” NFT cover of Time Magazine, and many others
The entire collection of work that has been converted to NFT is valued at more than US$30 million at the current valuation. In the field of art, NFTization gives each work a unique digital signature. This ensures the uniqueness and circulation of the work are effectively maintained.
You can upload the digital format of any physical artwork to the BTFS system, which generates the corresponding NFT artwork’s BTFS address. Once this is done, as per the TRC-721 standard, the information is written into the smart contract. With the NFT launch of “The First Collections”, the number of actively engaged users with NFTs will increase significantly.
Justin Sun said:
“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…The mission of the JUST NFT Fund is the NFTization and blockchainization of the world’s top artworks, and to build a bridge between the world’s top artists and blockchain”
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