Justin Sun, founder of Tron, a smart contract-enabled cryptocurrency, announced that he has purchased an NFT avatar for $ 10.5 million. Called the “Joker” because of its appearance, the NFT is part of a Tron-native NFT series called Tpunks, which is designed to mimic the style and success of the well-known Cryptopunks series, but on the Tron blockchain.

Justin Sun to buy NFT for $ 10.5 million

Justin Sun, founder of the smart contracts-enabled Tron blockchain, today announced the purchase of an NFT avatar for tron ​​valued at $ 10.5 million. The purchased NFT, identified as # 3442 but dubbed the “Joker” allegedly due to its resemblance to the popular Batman villain, is part of the Tpunks series. Tpunks is a collection of NFTs that seeks to recreate the art style of another very successful line of NFTs on Ethereum, the Cryptopunks.

The series includes 10,000 avatars, some of which are endowed with rare properties that make them particularly sought after by collectors. The project is picking up speed and, according to DappRadar, has climbed to fourth place among collectors’ Dapps at the time of writing. Prices for rare NFTs on the platform have also skyrocketed, with some offerings reaching more than $ 800,000.

This isn’t Justin Sun’s first foray into the NFT market. Sun was an active bidder in Christie’s sale of Beeples NFT “Everydays: the First 5,000 Days”. Sun made an offer of $ 60 million to purchase the asset, but it said it was outbid by $ 250,000 at the last minute by an unknown buyer.

NFT madness

Non-fungible tokens or NFTs have caused a stir in the cryptocurrency space. Justin Sun isn’t the first to dive in. Several famous influencers, actors, and even rappers have come into the room to take advantage of this new type of media. Even the famous musician Jay-Z teamed up with Sotheby’s in June to auction an NFT inspired by his Reasonable Doubt album, Heir to the Throne. The musician also changed his Twitter profile picture to show a cryptopunk, which led some of his followers to believe he bought one.

Several other projects have sold NFTs worth millions. The main project, Cryptopunks, surpassed $ 1 billion in revenue last week and was the third NFT-based project to hit that number after Axie Infinity and Opensea. The NFT fever is even reaching institutional markets. Visa, the multinational payments giant, bought a CryptoPunk (# 7610) on Aug 23 to expand its collection, calling NFTs a “new era” of collecting.

What do you think of Justin Sun’s Tpunk purchase? Let us know in the comments section below.

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