Justin Sun Buys Andy Warhol NFT for Nearly $3mln

Tron founder Justin Sun appears to have made one of the first ever purchases on Binance’s new NFT marketplace, called BinanceNFT.

Sun paid $2.8mln for an NFT of Andy Warhol’s “Three Self Portraits”. The NFT auctions are being done in conjunction with APENFT, and represent some of the most iconic works by Warhol.

Sun may be working to acquire works for his JUST NFT Fund, which aims to bridge the world of art with blockchain. The fund will also support currently active artists as well. Sun is actively buying NFTs across a range of prices and creators.

NFTs have become an extremely popular way to own digital versions of famous intellectual property, and in many cases, the prices paid for these works are in the millions of USD.

While NFTs may seem like an isolated asset class, there may be a new digital world emerging where they can be used much like physical art is in the real world.

Will Justin Sun Hang Andy Warhol in a Digital Museum?

NFTs are emerging at a time when a number of digital platforms make a more comprehensive digital life possible.

Platforms like Upland or Decentraland make digital life possible in a way that was never available before, as most platforms, like Second Life, were controlled by a development company.

With fully digital ownership over these assets, like virtual property and NFTs, a new online economy is taking shape. Of course, the parallels with a movie like “Ready Player One” are unavoidable. However, some very interesting differences also exist.

In the way we are seeing the digital universe form, individual rights to own assets come first. In a sense, the basis of a platform like Decentraland is ownership – not a game. While the platform can be made to act as a game, the core of the idea is sovereign rights to digital property.

The Question of Value

Another interesting development in this new digital universe is the use of tokens. Anyone can make tokens, and they can be traded freely both in these platforms, and over the open…

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