Justin Sun, the founder of the popular blockchain TRON, purchased one Ether Rock for $500,000 last month, and he believes the art is similar to Picasso’s in 1932.
Ether Rocks is one of the oldest non-fungible token collectibles, having gained popularity earlier this year. The NFT collection, which debuted in December 2017, is made up of 100 digital rocks that were tokenized on the Ethereum blockchain.
ETHRocks sold for 0.0999 ETH, which was worth about $300 at the time, shortly after they were created. Four years later, however, these digital arts are priced between $134,240 and $3 million.
Sun: It’s Exactly Like Picasso
Sun explained why he spent half a million dollars on a “picture of a rock” in an interview with us yesterday. According to him, the money spent now “doesn’t matter at all,” because digital art, like Picasso paintings, will become valuable over time.
“It’s similar to Picasso in 1932 in that it represents the beginning year of many of our works. I believe that all of the art collections in 2017 represent the beginning of the NFT, even though most of the arts may be incomprehensible to people outside of the cryptocurrency industry, but I believe that those NFTs will become more valuable in the future as the industry grows,” he said.
There is no Whale Advantage.
Further explaining, Justin Sun stated that most NFTs are created with a fair launch, making it difficult for founders and whales to gain an advantage over small traders before the collectibles are launched, such as the ETHRocks, which began selling for as little as $100 when they were first minted.
The young crypto tycoon believes that there are many good investment opportunities in the crypto industry, even for average traders, and that it is critical to always be on the cutting edge.
In the meantime, EtherRock is more than just digital art in Sun’s NFT gallery. After purchasing Picasso’s “Femme nue couchée au collier” and Andy Warhol’s “Three self-portraits” for $20 million each in April, the Tron founder recently released the world’s first Picasso NFT.