Tron’s founder, after investing half a million dollars in EtherRock, compares the digital rock to Picasso’s 1932 picture.
Justin Sun, the founder of the popular blockchain TRON, purchased one Ether Rock for $500,000 last month, claiming that the artwork is comparable to Picasso’s 1932 work. Ether Rocks is one of the earliest non-fungible token collectibles, having gained popularity earlier this year. The NFT collection was introduced in December 2017 and consists of 100 tokenized digital rocks on the Ethereum blockchain.
ETHRocks were initially offered for 0.0999 ETH, which was around $300 at the time. However, these digital works of art are now worth between $134,240 and $3 million, four years later.
Sun stated Monday in an interview with Bloomberg Quicktake why he felt comfortable spending half a million dollars on an “image of a rock.” According to him, the money invested now “doesn’t matter at all,” because digital art, like Picasso paintings, will gain value with time.
“It’s just like Picasso in 1932 – it represents the beginning year of lots of our works. I think all the art collections in the year 2017 represent the beginning of the NFT even though most of the arts might not be understandable by people outside of the cryptocurrency industry, but I believe those NFTs are going to become more precious in the future as long as the industry continues to grow,”
There is no whale advantage.
Further explaining, Justin Sun noted that the majority of NFTs are created with a fair launch in mind, making it difficult for founders and whales to gain an advantage over small traders prior to the launch of collectibles like the ETHRocks, which began selling for as little as $100 when they were first minted.
The young crypto tycoon feels that the crypto sector offers a plethora of lucrative investment options, even for normal traders, which is why it is critical to be on the cutting edge.
Meanwhile, EtherRock is not just a piece of digital art on display in Sun’s NFT exhibition. The founder of Tron just unveiled the world’s first Picasso NFT, following his acquisition of Picasso’s “Femme nue couchée au collier” and Andy Warhol’s “Three self-portraits” for $20 million in April.
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