Justin Sun Buys $6.2M Banana Art: President of Liberland Plans to Eat It
Justin Sun, Tron Founder and President of Liberland purchased Maurizio Cattelans infamous Comedian artwork / banana artfor $6.2 million.
Justin Sun has purchased Maurizio Cattelans infamous Comedian artworkessentially a banana duct-taped to a wallfor a staggering $6.2 million at a Sothebys auction in New York.
Sun also announced his plans for the artwork: eating the banana.
This is not just an artwork; it represents a cultural phenomenon that bridges the worlds of art, memes, and the cryptocurrency community, Sun shared on X on November 21. In the coming days, I will personally eat the banana as part of this unique artistic experience.
Im thrilled to announce that Ive bought the banana !!! @SpaceX @Sothebys I am Justin Sun, and Im excited to share that I have successfully acquired Maurizio Cattelans iconic work, Comedian for $6.2 million. This is not just an artwork; it represents a cultural phenomenon pic.twitter.com/lAj1RE6y0C
H.E. Justin Sun (@justinsuntron) November 21, 2024
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Comedian Artwork Comes with a Certificate of Authenticity
Cattelans Comedian first gained notoriety at Art Basel Miami in 2019 when it sold for $120,000. While the banana itself is perishable, the artwork comes with a certificate of authenticity and instructions for replacing the fruit and tape, allowing the concept to endure.
Justin Suns winning bid of $5.2 millionplus an additional $1 million in auction feessoared past its presale estimate of $1-1.5 million, with Sothebys noting over six minutes of heated bidding.
During the auction, humor dominated as the auctioneer quipped about the banana slipping through the auction room and urged participants not to let it slip away. Despite groans from the audience, the bidding frenzy underscored the artworks strange allure.
Suns purchase comes at a turbulent time for the entrepreneur. Trons blockchain powers much of the volume for Tether, the worlds largest stablecoin, which is reportedly under investigation by the U.S. Justice Department.
Sun himself has faced scrutiny, including an SEC lawsuit in March 2023 accusing him of selling Trons token as an unregistered security and manipulating its price through wash tradingallegations he denies.
If Sun goes through with eating the banana, hell join an exclusive club of banana-munching art enthusiasts.
A South Korean student famously ate the artwork in 2023. He later said he ate it because he skipped breakfast and was hungry.
Cattelan didnt press charges, and the banana was simply replaced. Similarly, in 2019, artist David Datuna consumed the banana at Art Basel Miami shortly after it sold.
In April last year, a student ate the banana when the work was on display in a Seoul art museum and taped the peel back on the wall. He later said he ate it because he skipped breakfast and was hungry. pic.twitter.com/5cbZwVH0ap
MemeWhale (@meme__whale) November 21, 2024
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Will Justin Sun Trigger an NFT Market Bounces Back in December?
The non-fungible token (NFT) market bounced back in October with an 18% increase in sales volume, reversing a seven-month downward trend.
According to CryptoSlam data, NFTs saw a monthly volume of $356 million, up from Septembers low of approximately $300 million, the lowest level since 2021. NFT trading had been declining steadily since March, when monthly volumes peaked at $1.6 billion.
In other news, NFT marketplace OpenSea is set to launch a revamped platform in December, aiming to reinvigorate user interest amid a sustained downturn in the NFT market.
Announcing the upgrade on November 4, OpenSea co-founder and CEO Devin Finzer shared on X that the team built a new OpenSea from the ground up.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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Ruholamin Haqshanas is an accomplished crypto and finance journalist with over three years of experience. He has been featured in various high-profile outlets, including Cryptonews.com, Investing.com, 24/7 Wall St, and Business2Community.
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