A lot has happened within the cryptocurrency space in recent times, and every moment it keeps getting better. It is interesting to see the emergence of several use cases for cryptocurrency, and the disruptions caused in different industries. Some years ago, works of art were exhibited physically, and some got auctioned. However, with the advent of technology, things have changed, and the Covid-19 pandemic contributed to this transition. Now, artists can auction their arts digitally and virtually with the aid of crypto-based systems. Justin Sun, the founder of TRON, wants a piece of the action…
JUST NFT Fund
In a recent development, the founder of TRON, Justin Sun announced a venture in the NFT space. The JUST NFT Fund platform will be for digital art that has a value of at least $1 million.
(1/2) I'm thrilled to announce to you all the official establishment of the #JUST NFT Fund and the Plan to hire a top tier artist as the chief NFT advisor of JUST #NFT Fund.
Join us now in the marvelous adventure navigated by JUST #NFT!https://t.co/WCh7rSTfxn pic.twitter.com/q4J0nmQ8Di
— H.E. Justin Sun 🅣🌞🇬🇩 (@justinsuntron) March 29, 2021
This means that only NFT artworks worth $1 million and above will be accepted. Furthermore, the platform also seeks to do business with artworks that have a median price of $10 million.
Justin Sun showed interest in NFT artworks and bought Beeple’s Ocean Front artwork for $6 million some days ago. The artwork will be available for sale on the JUST NFT platform for whoever may be interested in adding it to their investment portfolio.
According to Justin, the JUST NFT Fund was created to function like ARK Funds, but this time in NFT. It will function as a platform where super amazing artworks can get registered on the blockchain.
The Barrier Of Entry For Artists
Some artists have not been able to make profits off their arts since the entry into the industry is not easy. The barriers are high in the real world, and most successful artists had some external influence on their artworks.
For artists that got into the market earlier, they are quickly finding out that NFT’s are creating additional avenues for income. In a recent article, it was discussed that some artists are making millions of dollars off NFT’s. This activity is happening on various NFT platforms such as OpenSea, Nifty Gateway, and others.
The Future Of Art Exhibitions
Again, it is obvious that the pandemic brought the future to us, and we need to embrace it. During the pandemic, it became impossible for art exhibitions to take place, which caused the market to adjust. Blockchain technology helped this come to fruition like never before. The art industry went from barely generating revenue to creating lucrative opportunities for entrepreneurs around the globe.
Interestingly, NFTs are not just for artworks alone, and with time, several use cases will emerge for them. The world of cryptocurrency and blockchain is evolving fast, and every moment, new use cases are creating more verticals.
If you are a content creator in the form of an artist, perhaps you should give NFTs a try.
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