Justin Sun is one of the most influential young entrepreneurs; he has successfully founded numerous companies and has inspired headlines from numerous media giants.
The Chinese tech entrepreneur attended Hupan University, which was created by Jack Ma, the former CEO of Alibaba Group. Justin Sun is the founder of Tron (a cryptocurrency platform), Peiwo (an app that has the largest audio content community in China) and he recently purchased Rainberry, Inc (a peer-to-peer internet software service).
In this article our team at NFTexplained.info will provide more information on Justin Sun, including his early life and university experiences. We will break down what the JUST NFT Fund is and talk about the prestigious NFTs the fund owns. Then, we will talk about some of Sun’s projects – WINkLink, the cryptocurrency and JustSwap, the crypto exchange. Our team will provide analysis of the nascent Tron-based NFT marketplaces. Lastly, NFTexplained.info will end the article with an attempt to estimate the entrepreneurs’ net worth.
Who is Justin Sun?
Born in the city of Xining in 1990, Justin Sun is a citizen of the People’s Republic of China. He was always successful academically and wasn’t afraid to voice his opinions. During middle school, he created a widely visited online post criticizing China’s decision to implement alternative guidance on University admission policies. This decision was implemented for those who had less money or those with ‘extreme views’ and needed an alternative route that wasn’t college. He made strong comments and compared the school system to Nazi Germany; the controversy resulted in Sun making headlines in the Hong Kong weekly current affairs magazine Yazhou Zhoukan.
Justin Sun managed to graduate from Hupan University in just three years (2015 – 2018). On March 26, he submitted a graduate thesis titled “The Birth of a Decentralized Internet” as well as a thesis he presented titled “Reflections and Thoughts on a Four-Year Journey as an Entrepreneur”. Attending Jack Ma’s prestigious university (only 30 students are enrolled each year) gave Sun numerous highly valuable connections and helped increase his emerging fame. The only information regarding the classes taken by Justin Sun was “CEO 101” which was taught by the principal himself, Jack Ma.
What is the JUST NFT Fund?
With more and more people gaining awareness of the NFT space, crypto-based companies have come forward to create NFT investment focused operations. Perhaps the most well known NFT fund is Justin Sun’s JUST NFT Fund. Already famous from the creation of the Tron cryptocurrency, Sun’s fame is growing as his directly managed NFT fund spends millions of dollars.
Justin Sun, the crypto focused tech entrepreneur created The JUST NFT Fund which is a portfolio of high profile NFTs composed by some of the world’s most famous digital artists. The fund is composed of traditional art experts and has an acquisition price floor of greater than one million US dollars and a median price of roughly ten million.
If you would like to learn more about NFTs our team has created an in depth explanation of what the unique digital blockchain item is and examples of them; that article can be found here.
The JUST NFT Fund has the mission of “NFTization and blockchainization of the world’s top artworks, and to build a bridge between the world’s top artist and blockchain.” One aspect the JUST NFT Fund looks for when looking to add to their portfolio is the long term market value of the NFT and Justin Sun believes only the top of the top NFTs will maintain or increase in value.
The creator of Tron plans to have the artwork minted on the Tron public chain and has stated goals of Tron being a major player within the tokenization of NFTs. Using TRC-721, the standard token for creating NFTs on the Tron network, Justin Sun believes that TRC-721 will open up more possibilities for NFTs within DApps (decentralized applications). We will get more into this later on in the article.
What NFTs Does the JUST NFT Fund Hold?
Justin Sun is known for making ridiculously large bids during auctions and therefore it is no surprise that the average NFT within the fund’s collection is roughly $10 million. It is known that the Tron and BitTorrent creator had bid on the NFT of Jack Dorsey’s first tweet. It was also revealed that he had bid $60 million on the Beeple piece, “Everydays, the First 5000 Days” however his bid was unsuccessful as the auctions’ winner, MetaKovan successfully brought home the piece (to his digital wallet, MetaMask).
If you would like to read our in depth article exploring Beeple, and how he created Everydays, the First 5000 Days, MetaKovan, and much more; click here.
At present, the JUST NFT Fund has ownership of a variety of pieces from Pak’s “The Fungible”, the cover of “TIME” magazine known as “The Computer in Society, April 2nd, 1965”, Beeple’s “Ocean Front”, and most recently Picasso’s “Femme Nue Couchée Au Collier” as well as Andy Warhol’s “Three Self Portraits”.
Our team at NFTexplained.info has created an article on the mysterious, digital artist, Pak and what you need to know about the artist or artists – that article can be found here.
Recently, Justin Sun’s NFT Fund purchased Picasso’s “Femme Nue Couchée Au Collier” as well as Andy Warhol’s “Three Self Portraits” from the new Binance NFT marketplace. If you want to learn about the new Binance NFT marketplace and some of the unique features the marketplace has to offer, click here.
It seems inevitable that the JUST NFT Fund will continue to grow and more and more people will gain awareness of the NFT portfolio. More attention will also be brought to the Tron public chain as he plans to Tokenize NFTs on the blockchain based platform he created.
Recently, the JUST NFT Fund unveiled an important new partnership.
What is WINkLink Crypto?
WinkLink is another cryptocurrency that falls under the wings of Justin Sun. A partnership between WinkLink and the JUST NFT Fund has arrived; both of these projects are connected to the TRON ecosystem.
WinkLink is an oracle (database for running online transactions) which connects blockchain data to real world data through the use of smart contracts. It is the first TRON ecosystem that acessses external information and decides if it is credible while remaining completely decentralized.
WIN is a TRC-20 utility token which is essentially the TRON equivalent to the Ethereum ERC-20 token. These tokens can be sent and received once predetermined requirements are met; this is the basis for smart contracts. WIN is issued on the TRON network and has diverse use cases.
WINK is a gaming platform that allows users to participate in a variety of DApps (decentralized applications). The ecosystem leverages the WIN token as a form of payment and is a way to help motivate users to participate in the ecosystem.
It is important to note that WINk is a proof of stake coin (PoS) rather than a proof of work coin (PoW) which means it operates differently than the energy intensive mining process that ETH and BTC uses. Users are chosen to validate transactions based on the amount of coins they have (known as staking) and the algorithm is run by the master node which chooses the validators.
Proof of work is what causes the high energy use in NFT that operate on the Ethereum blockchain; if you would like to learn more about the different processes and what drives the high energy consumption click here.
Recently the WINK team acquired JustLink.io on April 26, 2021. JustLink.io is the first TRON ecosystem that is able to process transactions, allowing users to efficiently create DApps on the TRON blockchain.
Many have called the partnership strategic as more diverse and complex use cases for NFT can now be developed. It is likely that gaming will be the first adoption of this capability as NFT wearables will be able to be transferred across worlds. Now, NFTs will be able to have secure integration of data from the oracle which provides verifiable, real world data from the backend.
Today the WIN token can be purchased on exchanges including Binance, HBTC, HitBTC, KuCoin, and DigiFinex.
What is JustSwap?
JustSwap.io is another Justin Sun creation. The site is essentially his version of Uniswap – an incredibly popular but separate decentralized exchange that allows for the swapping of coins through the use of smart contracts.
JustSwap is a crypto exchange site that allows for the swapping of TRC20 tokens on the TRON blockchain. Transactions are automated via smart contracts and each trading pool supports the exchange of tokens an an almost instantaneous act. Investors have the opportunity to automatically earn fees proportional to the user’s share in the pool.
The site works through liquidity mining which allows users who have provided liquidity for a specific cryptocurrency to earn fees from other users’ transactions. If you want to participate, while on JustSwap.io simply click on Swap, then click on Pool, and enter a pair of specific currencies that you would like provide liquidity in order to earn interest. If the transaction is unable to complete, the user must add more energy into the account. Users can easily remove funds from the liquidity pool. A nice feature is that interest earned is displayed. This could be thought of as receiving dividends from investing in stock.
Justin Sun has stated that JustSwap will have 200 times lower and faster fees with instant payment when compared to the Ethereum network. A notable aspect of this crypto exchange is the pop up that needs to be confirmed before a transaction goes through. On this exchange, transactions complete incredibly quickly.
Does Tron Have an NFT Marketplace?
Many users are fond of the Tron blockchain because it allows for DApps, especially within the field of gambling cryptocurrencies. More and more DApps are being built on Tron’s network and the blockchain continues to increase it’s userbase.
As a general statement, no NFT marketplace has been designed by the official Tron developers; however creators have developed Tron-based NFT marketplaces. These marketplaces have limited users and currently see little trading volume but this could change in time. Tron launched its first NFT standard known as TRC-721.
Smaller sites such as nftone, where the top purchaser has spent $42 in the prior seven days (from the time our team at NFTexplained.info wrote this) are currently offering NFT sales. As you would assume, these smaller sites don’t include all the features larger marketplaces like OpenSea provide however are built atop the Tron network. If you would like to learn about the largest NFT marketplace, OpenSea click here.
Another smaller site built off the Tron blockchain is uswap however the site’s NFT marketplace is still in beta. At this point in time, no large, effective marketplaces for NFTs based on the Tron blockchain are available.
While there are some fun games built atop the Tron platform, users are yet to see a large NFT marketplace for this blockchain. Due to the increasing number of users, coupled with the recent partnerships that the JUST NFT Fund has made, it would come as no surprise if the creators developed their own Tron-based NFT marketplace. Were this to happen, this would undoubtedly add to Justin Sun’s net worth.
What is Justin Sun’s Net Worth?
This tech entrepreneur has created numerous successful businesses and is considered a highly successful investor. He was named in Forbes 30 Under 30 Asia list, a list of the most innovative and creative people under the age of thirty. Justin Sun was named for three consecutive years (2015-2017).
A person’s net worth is challenging to estimate as it is highly private information and Just Sun has never publicly revealed this information. However, the team at NFTexplained.info estimates he is a multi-billionaire as he is a successful founder of multiple companies and began investing in cryptocurrencies since 2011.
With this amount of money it is safe to say that Justin Sun has the ability to comfortably venture into any field that is appealing to him. It is estimated that a significant portion of the entrepreneur’s wealth comes from his Tron (TRX) holdings.
To give an example of the amount of money he has, in June of 2019 he won a bid giving him the ability to have a private lunch with the legendary investor and CEO of Berkshire Hathaway, Warren Buffett. Shockingly, the young entrepreneur spent $4.57 million for this opportunity. All of the money went to Buffett’s charity known as the Glide Foundation dedicated to helping the homeless.
Famously, he invited Donald Trump; however, the entrepreneur ended up bringing numerous crypto related notables such as Charlie Lee (the Litecoin founder) and Helen Hai (head of the Binance Charity Foundation).
We hope you are just as excited as we are about NFTs and continue to stay informed at NFTexplained.info. To get the latest news in this rapidly evolving space, follow our team on Instagram & Twitter!