TRON Founder Justin Sun Purchases Collection of Pak NFTs in Sale Held by Nifty Gateway and Sotheby's

Key highlights:

• Justin Sun purchased a collection of NFTs created by Pak  in a recent sale held by Nifty Gateway and Sotheby's
• Sun purchased 1,686 units in total
• Sun participated in the sale for the purposes of the JUST NFT Fund

Justin Sun continues his participation in NFT sales

TRON founder Justin Sun participated in a recent NFT (non-fungible token) sale held through a collaboration between Nifty Gateway and the Sotheby’s auction house. The sale featured NFTs from a collection called "The Fungible", which was created by digital artist Pak. 

Justin Sun participated in the sale as part of the JUST NFT Fund, which was established just a few weeks ago. The fund is designed to purchase high-end artwork priced at $1 million or more and register it as an NFT on the blockchain. Sun has emerged as a prominent NFT collector – for example, he also purchased Beeple’s "Ocean Front" NFT for $6 million.

The sale for Pak’s NFTs was held across three days and was split in three different parts. In the open edition, there was an unlimited number of "cubes" that could be purchased. Depending on how many of these fungible cubes they purchased, the buyer would receive different NFTs. For example, someone who bought 26 cubes would receive three different NFTs: "A Cube", "Five Cubes" and "20 Cubes".

Still from the "A Cube" animated NFT. Image source: Nifty Gateway

NFT valuations have skyrocketed thanks to the current boom, and the Pak sale was definitely not for everyone – the price of one cube $500 on the first day of the sale, $1,000 on the second, and $1,500 on the third. Regardless, a total of 23,150 units were sold. 

Justin Sun revealed on his Twitter account that he purchased 1,686 units in the sale.

(1/2) I’ve purchased 1686 units and collected a full set of Open Edition #NFTs by @muratpak at the @Sothebys X @niftygateway auction. This was the first official cooperation between the #JUST NFT fund and Sotheby’s. pic.twitter.com/t8oMNWIz7z

— Justin Sun ?? (@justinsuntron) April 18, 2021

Alongside the open edition sale, there were also auctions for 2 individual NFTs called "The Switch" and "The Pixel". There were also 4 NFTs issued in various quantities that were distributed according to specific criteria. Some of them were distributed to participants in the open edition sale (for example to the individuals that purchased the largest amount of cubes), while others were reserved for individuals that completed specific tasks, or simply distributed at the artist’s discretion.

According to Sotheby’s, the sale generated $17 million in total.