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Wednesday, April 21, 2021

TRON CEO Justin Sun Wins TIME’s Latest NFT Auction

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Key Takeaways

  • TRON founder and CEO Justin Sun has purchased one of TIME Magazine’s NFTs for more than $200,000 in ETH.
  • The cover in question is 1965’s “The Computer In Society.”
  • In recent weeks, Sun has also purchased Beeple’s “Green” NFT, a Warhol, and a Picasso for his NFT fund.

TRON founder and CEO Justin Sun announced today that he has placed the winning bid on one of TIME’s non-fungible tokens.

TRON Leader Wins Time NFT

On Mar. 22, TIME Magazine announced a series of three non-fungible tokens (NFTs) themed around its 1966 “Is God Dead?” cover. In the days that followed, the magazine auctioned six more covers.

Though the original covers were once in mass production, each tokenized digital version is a one of a kind collectible.

Sun specifically purchased the NFT token corresponding to the cover of TIME’s Apr. 2nd, 1965 edition, which is titled “The Computer in Society” and is drawn by Boris Artzybasheff. Sun paid more than $200,000 in ETH for the item when its auction ended on Wednesday.

TIME created its NFTs on the Ethereum blockchain through the blockchain firm Superrare. However, Sun says that he will put the token in his own NFT fund and issue it as a token on the TRON blockchain. That implies the NFT will be up for auction again soon.

The remainder of TIME’s NFT collection is owned by three other buyers: Adelia.arte founder Amir Soleymani, 3F Music founder Farzin Fardin Fard, and Metapurse acquisitions head Veritas Kami.

Sun’s Other NFT Purchases

Sun has won a number of NFTs to date. On Mar. 23, he announced that he had purchased Beeple’s “Green” NFT art.

On Mar. 29, Sun announced his own NFT fund, which will focus on purchasing and tokenizing art pieces worth at least $1 million and with a median value of $10 million.

Sun revealed yesterday that he had purchased a Picasso and a Warhol painting. Though published on April Fool’s Day, the news appears to be legitimate: the sale of those paintings were confirmed by Bloomberg yesterday with statements from Christie’s.

At the time of writing this author held less than $75 of Bitcoin, Ethereum, and altcoins.

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