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Justin Sun Acquired NFTs of Digital Zones, One of the Earliest NFT Projects, for $2 Million

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Justin Sun

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 NFT, Mitchell F. Chan also wrote a detailed bluebook for his Digital Zones, and its limited hard copies will also be available. The bluebook details the history of Bitcoin, Ethereum and other digital assets and their relationship with 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. It was inspired by Zone de Sensibilité Picturale Immatérielle (Zone of Immaterial Pictorial Sensibility), an artwork created by the famous 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.

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The art series Zone de Sensibilité Picturale Immatérielle by Yves Klein takes the form of receipts. Considered one of the earliest representations of conceptual and performance art, it gives its own interpretation on materiality, ownership and the ritual of exchange.

The work involved the sale of ownership of ‘virtual’ space, taking the form of a receipt, in exchange for gold – buyers who paid the gold as agreed on would obtain the receipt in return.

Nevertheless, Klein claimed that in order to truly own this art piece, the buyer had to perform an elaborate ritual by burning the physical ‘receipt,’ while the artist would throw half of the gold into the Seine. As Klein put it, tangible works derive from intangible concepts. In other words, intangible concepts are themselves artworks that may even outweigh tangible ones.

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Above is a receipt that serves as proof of purchasing Zone de Sensibilité Picturale Immatérielle. The copy belongs to series n°1, zone n°02, and was purchased by Jacques Kugel on December 7, 1959.

Above, Yves Klein and Dino Buzzati completed the ritual of the work on January 26, 1962.

When Chan first learned about Ethereum back in 2017, he realized that he could convert Yves Klein’s project into an NFT through blockchain technology and carry out creative experiments, thus taking a step further to non-visual and immaterial conceptual art. He then wrote a detailed bluebook for Digital Zones.

The timing of the works’ contract minting makes it one of the earliest NFT works on Ethereum, second only to Cryptopunk, and three months earlier than CryptoKitties.

More importantly, it made its debut at InterAccess in Toronto, which establishes itself as one of the first NFT artworks to be exhibited in a conventional art gallery. It is now widely received as the first ‘high art’ in the crypto art field.

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With NFTs coming into 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.

Now, except for certain editions in series 0 owned by the artist, all editions in other series have been sold out. 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 14-21, 2021, 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 to $3 million.

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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.

By far, TRON has established a fully-fledged NFT ecosystem with robust 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.

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NFT Craze Explodes: Visa Launches NFT Program

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The NFT crazy continues, and the popularity that this section of the industry has seen is on the growth. The latest important player in the game who is making these moves is Visa.

Visa launches NFT support program

It’s been just revealed that Visa is launching a NFT support program to help artists join the digital art space.

Accoridng to the latest reports, the financial services giant teams up with former Major League Baseball player turned NFT artist Micah Johnson.

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The plan is to build a program that will support artists who want to use NFTs to sell their work, Visa said in a press release.

It’s been also revealed that Visa will select a small group of creators via an app process and then help them learn about the crypto and blockchain industry.

“We believe that we are at the beginning of a digital renaissance in the world of art and content creation.”

This is what Visa’s Head of Crypto Cuy Sheffield wrote on Twitter as reported by Coindesk. Check out what they said next:

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“New technologies emerging in the crypto ecosystem, like NFTs, have the potential to lower the barrier to entry for digital creators across the world to build their own small businesses.”

This move made by Visa comes at a time when a large number of NFT marketplaces have launched in recent months.

Just in case you dod not know, this Tuesday, crypto exchange Coinbase became the latest organization to join the trend.

DappRadar recently noted that the NFT market passed $10 billion in sales volume in the third quarter.

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Johnson joined the digital art space in 2020 and is the creator of Aku – this is an animated black astronaut character, and has become the first NFT to be optioned for a feature film.

“Working together [with Visa], we want to arm creators with the resources they need to stay at the forefront of this revolution,” Johnson said in a statement.

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Yup Raises $3.5 Million in Seed Funding to Empower Social Creators and Curators

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Through the new funding, the platform said it will “develop a new web3-native social media experience, expand the Yup community, and empower curators across the web”.

Yup, a social network for rewarding content curators has raised the sum of $3.5 million in seed funding which was led by Distributed Global, an early investor in crypto unicorns Dapper Labs, Audius, and Solana. The funding round was co-led by other key investors in the digital currency ecosystem ranging from  Dapper Labs to LD Capital, as well as angel investors including Danny Zuckerman (3box), Patrick Rivera (Mirror), Alex Gausman (NFTX), and Bill Block (Miramax) amongst others.

Yup approaches social network rewarding in a completely different way. While many related outfits are known to focus their reward system on content creators alone, Yup believes curators are part of an ecosystem that makes the entire social network rewarding. Through the platform, valuable opinions across the web are rewarded.

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Users can rate anything, earn rewards for accuracy, and gain status in special topics of interest. Yup can be integrated with most social media platforms and helps in providing a basic universal influence metric. It does this by interacting with the Yup Protocol, which is a decentralized semi-autonomous social consensus protocol that determines the rewards and social value of all content based on users’ interactions with it.

Through the new funding, the platform said it will “develop a new web3-native social media experience, expand the Yup community, and empower curators across the web.” The funding will also be used to complement the platform’s growth which has paid a total of $1.6 million in curator rewards. The startup also noted that it has inked a strategic relationship with the Non-Fungible Token (NFT) community, and has paid out a total of $300,000 to NFT curators, with some individuals earning thousands of dollars in YUP tokens.

Yup Seed Funding: Rebranding the Opportunities in Web3

The Yup seed funding stems from investors’ recognition of the potential opportunities inherent in Web3 for both content creators and curators.

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“Web3 offers an opportunity to curate with clear financial incentives and social status. Curation will go beyond blogs and newsletters, where you can tip creators, earn money via curation, and create massive economic graphs. For example, Yup is a curation protocol that provides an opportunity for users to curate and build their influence accordingly,” said Kinjal, Blockchain Capital.

The broad backing for Yup was also dependent on the recognition of the platform’s superior business models, which draws from data-driven open and composable social applications design.

“Traditional social networks thrive on privileged and minimally accessible user data silos. Their business models depend on them. Yup, as a fully open and composable Web3 social network has the opportunity to empower builders and visionaries of the next great social applications,” says Alex Price, who pre-seeded Yup and is currently a Special Advisor at A16z Crypto. “I’m excited to see what kind of feeds, interfaces, and more are built on top of Yup’s fully open social graph.”

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Yup is powered by the YUP tokens and the digital currency forms a central part of the platform’s operations.

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Polygon to offer passive income generating NFTs, boosting MATIC utility

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  • Ethereum-based whitelisted NFT collections receive 50% to 250% APR through yield farming rewards. 
  • Protocols that add a utility layer to NFTs have become increasingly popular with the high floor price of BAYC, CryptoPunks and so on.
  • Unreasonably high gas fees pose a challenge on the Ethereum network.
  • Analysts expect MATIC, Polygon’s native token, to break out based on recent price trends and utility boost. 

The latest trend in cryptocurrencies is earning passive income from NFTs. The floor price of top NFT collections on the Ethereum network, such as Bored Ape Yacht Club and CyberKongz, remains relatively high, making it inaccessible to retail traders. 

NFTs become accessible for retail traders through sharding and yield farming incentives

The Ethereum ecosystem is plagued by high gas fees, making it inaccessible for retail traders looking to turn a quick profit by flipping ETH-based NFTs. Several projects solve this problem by offering yield farming incentives on NFTs or enabling fractionalized NFT ownership. 

A collective of DeFi influencers, PleasrDAO, popularized the concept of fractional ownership of NFTs. PleasrDAO split the DOGE meme into 17 billion pieces of ERC-20 tokens (DOGE tokens), and an initial 20% of the supply was auctioned. 

Projects like Shoefy that add a utility layer on top of NFTs make them ideal for earning passive income through the DeFi toolset of staking, farming and income generation through liquidity pools. 

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Polygon Studios, the gaming and development arm of Polygon, has partnered with Unicly (UNIC), a protocol that combines, fractionalizes and facilitates NFT trading. The Unicly partnership is focused on helping traders create a revenue stream with their digital art and collectibles. 

Currently, Ethereum-based NFT collections offer nearly 50%-250% APR through yield farming rewards. Through Unicly, NFT projects built on Polygon will also be eligible for whitelisting and will receive incentives through UNIC rewards.

The Polygon blockchain powers Unicly’s platform. Iit provides solutions to Ethereum’s gas fee problem and further pushes NFTs on the path of decentralization. This is likely to boost the utility of the network, driving on-chain activity higher.

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Analysts at Crypto Maximalist, a YouTube channel that shares cryptocurrency price prediction and analysis, believe that after three recent fakeouts, MATIC is underperforming. The altcoin is likely to roll over like other cryptocurrencies with large market capitalizations such as Polkadot, Chainlink, VeChain and Cardano. 

The analyst states that 

Once Bitcoin starts to level off, money is going to start to rotate back into altcoins, and Polygon is really gearing up for a big move considering how much it has just been consolidating.

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