ASIA NEWS: Justin Sun Purchased NFTs of Digital Zones from Google for $2 Million

dWeb.News Article from Daniel Webster dWeb.News

dWeb.News Article from Daniel Webster dWeb.News

ASIA NEWS:

LAS VEGAS, NV, Oct 11, 2021 – (ACN Newswire) – TRON founder Justin Sun tweeted that he had recently purchased three Digital Zones editions, a series of NFT artworks created by artist Mitchell F. Chan, for 569 ETH (or $2 million) and donated them to APENFT Foundation. The NFTs he bought are Edition 92 of Series 7, as well as Edition 83 and 84 of Series 6.
In tandem with the NFTs, Mitchell F. Chan also created a detailed bluebook to guide his Digital Zones. Limited hard copies of this book will be made available. The blue book outlines the history of Bitcoin and Ethereum and how they relate to Yves Klein’s artworks.

Digital Zones, short for Digital Zones of Immaterial Pictorial Sensibility, is a limited edition NFT issued by artist Mitchell F. Chan in August, 2017. This was inspired by Zone de sensibilite pictorialle immaterielle, a work by the French artist Yves Klein. Chan produced eight series of Digital Zones, containing 101 NFTs in total, with ten for each series from Series 1 to Series 7 and 31 for Series 0.

The art series Zone de Sensibilite Picturale Immaterielle (Zone of immaterial pictorial sensibility) by Yves Klein takes the form of receipts. It is considered one of the earliest examples of performance and conceptual art. It offers its own interpretation of materiality, ownership and the rituals of exchange. In exchange for gold, the work allowed the sale of the “virtual” space. The receipt was given to the buyers. Those who paid the agreed upon amount would receive the receipt. Klein claimed that to own the art piece truly, the buyer would have to burn the receipt and the artist would toss half of the gold into a river. Klein stated that tangible works are derived from intangible ideas. In other words, tangible works can be made from intangible concepts.

When Chan first learned about Ethereum back in 2017, he realized that he could convert Yves Klein’s project into an NFT through the blockchain technology and carry out creative experiments, thus taking a step further to non-visual and immaterial conceptual art. The bluebook that he wrote for Digital Zones was then published. It is the second-oldest NFT work on Ethereum and was completed three months before CryptoKitties. It was also presented at InterAccess in Toronto. This makes it one of the first NFT artworks that can be displayed in an art gallery. It is widely regarded as “high art” in crypto art.

With NFT coming to the limelight and crypto practitioners vigorously pursuing “vintage” NFT projects, the general public started to see the huge value of NFT of this kind, plucking Chan and his works out of obscurity a few months back. Except for a few editions of Series 0 that were owned by Chan, all other editions have been sold. The price in the secondary market has exceeded 200 ETH and is still soaring. It is reported that Digital Zones Edition 10 of Series 0 will be put up for auction between October 14 and 21 at NativelyDigital, Sotheby’s.

As one of the veteran collectors in this sphere, since this March, Justin Sun has purchased NFT artworks by world-renowned artists such as Picasso and Andy Warhol, and crypto artists such as Beeple and Pak from both conventional and emerging NFT auction platforms including Sotheby’s, Christie’s, and Nifty Gateway, with a combined cost close toY=300 million. Ownership of these artworks has been mapped onto TRON’s public chain through TRC-721 standard, and will be permanently stored there and on the decentralized storage system BTFS. TRON has created a robust NFT ecosystem, with both hardware and software. As one of the top three public chains in the world, TRON now boasts over 56 million users, upwards of 2.4 billion transactions, and the highest circulation supply of stablecoins across the globe.

APENFT is backed by the underlying technology of top-notch blockchains Ethereum and TRON with support from the world’s largest distributed storage system BitTorrent to deliver the mission of registering world-class artworks as NFTs on the blockchain.

Source: Plato Data Intelligence: https://zephyrnet.com/ (bit.ly/3oWzOtr)


Topic: Press release summary

Source: Plato Data Intelligence
Sectors: Blockchain, NFTs

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