Justin Sun Explains Spending $500k on EtherRock NFT: It’s Just Like Picasso in 1932
Last month, Justin Sun, the founder of the popular blockchain TRON, purchased one Ether Rock for $500,000 and he believes that 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 launched in December 2017 and consists of 100 digital rocks that were tokenized on 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 are priced between $134,240 and $3 million.
Sun: It’s Just Like Picasso
Speaking in an interview with Bloomberg Quicktake yesterday, Sun explained why he comfortably spent half a million dollars to purchase a “picture of a rock.” According to him, the money spent now “doesn’t matter at all ” as the digital art will become valuable over time, like Picasso paintings.
“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,” he said.
No Whale Advantage
Explaining further, Justin Sun noted that most NFTs are created with fair launch, which makes it hard for founders and whales to get an advantage over small traders before the collectibles are launched like the ETHRocks that started selling for as low as $100 when they were first minted.
The young crypto tycoon believes that there are lots of good investment opportunities in the crypto industry, even for average traders and that’s why it is important to always be on the frontline.
Meanwhile, EtherRock is not only digital art in Sun’s NFT gallery. The Tron founder recently released the world’s first Picasso NFT after purchasing Picasso’s “Femme nue couchée au collier” for $20 million and Andy Warhol’s “Three self-portraits” in April.
