Justin Sun is ‘thrilled’ to buy a banana taped to a wall for $6.2 million, but why?

Justin Sun is in the news for purchasing Maurizio Cattelan’s conceptual artwork—a banana duct-taped to a wall—for $6.2 million. Sun says the purchase is a “cultural phenomenon”.

The art will join other high-profile NFTs and traditional artwork acquisitions by Sun which could join the Tron network. 

Justin Sun adds $6M banana to his art collection

Tron’s Justin Sun has reportedly purchased a famous artwork called Comedian—a banana taped to a wall—at an auction for $6.2 million. According to the X page of the auction house Sotheby, the deputy chairman and chairman of Sotheby’s China placed the winning bid on behalf of Sun.

After over 6 minutes of heated bidding, Deputy Chairman of Sotheby's and Chairman of Sotheby's China, Jen Hua, placed the winning bid for ‘Comedian’ on behalf of @justinsuntron, Chinese collector and founder of cryptocurrency platform TRON. https://t.co/Vf6kMoHfOQ

— Sotheby's (@Sothebys) November 21, 2024

According to The Times, Maurizio Cattelan’s “Comedian” is a conceptual artwork. As it features a real banana affixed to a wall with duct tape, it has been a popular display. As per the report, it was first displayed at Art Basel Miami Beach in 2019. While it was priced at around $5.2 million, the fees at Sotheby New York took the price at a whooping $6.2 million. A report by Business Insider says that the price is over six times the Comedian’s pre-sale valuation of $1 million. As per The New York Times, the banana cost 35 cents and was purchased before the auction from an Upper East Side fruit vendor.

Reports confirm that the Tron founder will only receive a banana, a duct tape roll, and a certificate of authenticity for the price he paid. Conceptual arts also include specific instructions on how the work should be displayed. And since a banana is perishable, it needs to be replaced from time to time.

In response, Justin Sun says he is “thrilled” about the purchase that “represents a cultural phenomenon.” According to the Tron founder, it is not just an artwork but a bridge for art, memes, and the crypto community. His statement has also sparked curiosity about what is next as Sun said, “In the coming days, I will personally eat the banana as part of this unique artistic experience, honoring its place in both art history and popular culture. “

Will the banana feature as an NFT on Tron?

Justin Sun was reportedly competing with 6 other bidders for the purchase. Among his many art purchases, Sun bought “Le Nez” by Alberto Giacometti for $78.4 million at the Sotheby‘s New York Autumn Auction in 2021. He also bought Pablo Picasso’s Femme nue couchée au collier (Marie-Thérèse) for $20 million. Sun reportedly purchased Andy Warhol’s Three Self-Portraits for $2 million at Christie’s 20th Century Art Evening Sale. He also spent $6 million to win the bid for OCEAN FRONT, an NFT artwork by the crypto artist Beeple.

Sun has been dubbed an art collector who is investing in top artworks. As per commentators, the aim is to convert them into NFTs. Tron is the third largest chain in terms of total value locked (TVL). As per DeFiLlama, Tron has 34 protocols that dominate almost 7% of the market TVL. On Tron, the TRC-721 NFT standard allows for the creation and transaction of digital art.

Based on previous findings, Sun’s APENFT Foundation purchases art and makes it digitally viewable on the APENFT Virtual Museum in the metaverse Cryptovoxels.

Meanwhile, APENFT Marketplace is an NFT trading platform launched by APENFT on Tron. The chain also features collections like TPunks and TronMe. Tron also houses a P2E game called TronVerse that uses NFTs.

Therefore, Justin Sun’s purchase of Comedian feels more like a symbolic gesture to integrate traditional art into the digital NFTs space. Through Tron’s TRC-721 standard and the APENFT ecosystem, Sun is possibly creating an art display in the metaverse. He might be able to place Tron as a major NFT player.

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