PE Ledger

Justin Sun, a cryptocurrency billionaire, has spent more than $100 million on art this year. So, how is he going to use it?

Some of the works will be made available in the metaverse. He does, however, have intentions for the real-world objects.

When the winning $78.4 million bid for Giacometti’s Le Nez (1947) came in at Sotheby’s record-breaking Macklowe Collection sale earlier this month, curious minds quickly began to speculate who the buyer may be.

Perhaps it was Steve Cohen, a longstanding collector of the artist’s work and a hedge fund manager? Is it possible that the Qatari royal family is involved?

The genuine buyer emerged only a few days after the sale: Justin Sun, the 31-year-old Chinese-born internet tycoon and founder of the cryptocurrency TRON.

The announcement offered as confirmation that at least some of the new crypto millionaires were investing in art. Sun has spent more than $100 million at auctions so far this year.

Now, the businessman claims he’s only getting started on his art collection, which includes installation, video, classic contemporary, and more. Despite the fact that he was unable to attend Art Basel Miami Beach owing to travel limitations, he plans to start buying through galleries and on the secondary market soon, with a focus on emerging artists, he said.

While the IRL artifacts are loaned to institutions around the world, these acquisitions will be shown in the metaverse.

“Because our goal is to amass the finest and most diversified contemporary art collection possible, we’re interested in a wide range of art forms and genres, including video, music, installation, and artificial intelligence art,” Sun explained.

“The majority of the artworks we own are static, and we’re keen to expand our collections in order to enrich our metaverse museum… Everyone can enjoy the art and join in the lively discussion to inspire creativity.”

Sun has also acquired a £14.6 million ($20 million) Picasso portrait of Marie-Thérèse, a triptych of Andy Warhol’s “fright wig” portraits for £1.4 million ($2 million), KAWS’ Untitled (Kimpsons) (2001) for HK$2.5 million ($323,647), and Cube by top NFT artist Murat Pak.

Many of these paintings, which were purchased through Sun’s APENFT Foundation, are now being digitally assimilated and will be displayed at the APENFT Virtual Museum on Cryptovoxels in the metaverse, a virtual world powered by the Ethereum blockchain.

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