NFTs have taken the world by storm. It has become an avenue to introduce the masses to classic artworks. In the latest development, Tron Founder and the CEO of BitTorrent, Justin Sun has launched the world’s first-ever Picasso non-fungible token through a designated fund called JUST NFT Fund.
The ‘Femme Nue Couchee Au Collier‘ is the first painting by the Spanish painter to become an NFT. Sun had earlier purchased the painting at Christie’s auction for $20million to tokenize on the Fund.
The exec’s official tweet announcing the same read,
“I am thrilled to announce that Pablo Picasso’s artwork has been NFTized for the first time ever by JUST NFT Fund.”
He also revealed that the ownerships of the ‘Femme Nue Couchée Au Collier [Marie-Thérèse]’ have been mapped on the Tron public chain according to the TRC721 standard. Picasso’s artwork will be permanently preserved on the Tron blockchain as well as on BitTorrent File System [BTFS] decentralized storage system.
Sun’s NFT Spree
Sun’s recent purchase also includes American Artist, Andy Warhol’s $2 million, Three Self Portraits  at Christie’s in London during the modern and contemporary evening art sale in March this year. The creation of the fund and the Tron founder’s recent art-buying spree is part of a larger effort to capitalize on the explosion of the flourishing market for non-fungible tokens.
The funds in question aim to decrease the gap between traditional physical art and the growing popularity of the sector that is touted as a game-changing innovation of blockchain technology in the field of art.
Nonfungible tokens enable the digitized version of any physical artwork to be uploaded to the BitTorrent File System system. This, in turn, gives rise to a corresponding NFT artwork’s BTFS address. According to the foundation, the information is then deployed into the smart contract in conformance with the TRC-721 standard. This is how Tron aims to confirm the uniqueness of the work is by the contract address.