Open Letter from Justin Sun to the Community on Establishment of JUST NFT Fund
I’m thrilled to announce to you all the official establishment of JUST NFT Fund. In 2021, NFT gained steam and garnered unprecedented public attention. We predict that NFT will continue to be in the limelight, and revolutionize the underlying structure and value exchange of the physical and blockchain space.
Stats on the NFT artwork website Nonfungible.com showed that the total value of NFT traded last year tripled to an astonishing $250 million. Total sales of NFT in the past month alone exceeded $220 million. We estimate 50% of the world’s top-notch artists and artworks to be recorded as NFTs in the following decade. And that’s where JUST NFT can come into play.
The highly sought-after NFT market calls for the birth of JUST NFT fund, which aims to be the ARK Funds in the NFT space to register world-class artworks as NFTs on blockchain. JUST NFT fund was born to build a bridge between top-notch artists and blockchain, and to support the growth of native crypto NFT artists.
JUST NFT only focuses on top-notch artists and artworks. In principle, the fund only accepts art pieces with a price tag of no less than $1 million and a median value of $10 million. We believe the art space is also subject to the 80–20 rule, or the Pareto Principle, where only the value of the artists sitting at the tippy-top of the pyramid can stand the test of time.
Additionally, core members of JUST NFT all come from traditional art brands including Christie’s and Sotheby’s, and are also proactive in the NFT industry. Members of the JUST NFT teams all have extensive experience in both traditional and digital art space. Their efforts at the fund to source NFT artists worldwide will power JUST NFT fund to rise in the crypto art sector.
On March 23, 2021, I won the bid for Ocean Front, an NFT artwork by Beeple, at a price of $6 million. The work will be mapped at 1:1 to the TRON network, and become JUST NFT’s first trend-setting NFT work. Going forward, more NFTized artists and artworks will be introduced to JUST NFT.
The emergence of NFT-backed artworks ushers NFT-based art into a new, spectacular chapter of human art history with JUST NFT Fund being the prologue.
Today we are part of history. Join us now in the marvelous adventure navigated by JUST NFT!
March 29, 2021