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November 27, 2022
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Justin Sun explains the $500,000 spent on EtherRock NFT: it’s just like Picasso in 1932

After spending half a million dollars on EtherRock, Tron’s founder says digital rock is like Picasso’s 1932 painting

Last month Justin Sun, the founder of the popular blockchain TRON, bought an Ether Rock for $500,000 and he believes the art is like Picasso in 1932.

Ether Rocks is one of the oldest non-fungible token collectibles that started gaining traction earlier this year. The NFT collection was released in December 2017 and consists of 100 ETHRocks that have been tokenized in the Ethereum blockchain.

Shortly after they were created, ETHRocks sold for 0.0999 ETH, which was worth about $300 at the time. However, four years later, these digital arts cost between $134,240 and $3 million.

Sun: is just like Picasso

speaking of a interview to Bloomberg Quicktake yesterday, Sun explained why he comfortably spent half a million dollars to buy a “image of a rock”. According to him, the money spent now “does not matter”, because digital art becomes valuable over time, like the paintings of Picasso.

“It’s like Picasso in 1932 – it represents the starting year for many of our works. I think all the art collections in the year 2017 represent the beginning of the NFT, although most art may not be understandable to people outside the cryptocurrency industry, but I believe these NFTs will become more precious in the future as long as they as the industry continues to grow,” he said.

no whale advantage

Explaining further, Justin Sun noted that most NFTs are created with fair release, which makes it difficult for founders and whales to gain an advantage over small traders before collectibles such as ETHRocks are released. sold for just $100 when they were first minted.

He believes there are many good investment opportunities in the crypto industry, even for the average traders and that’s why it’s important to always be on the front lines.

Meanwhile, EtherRock isn’t just digital art at Sun’s NFT gallery. Tron’s founder recently launched the world’s first Picasso NFT after purchasing “Femme nue couchée au collier” by Picasso for $20 million and “three self portraits” by Andy Warhol in April.

Source: CryptoPotato

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