In 2 weeks TRX, Tron's cryptocurrency, doubled in price and the reasons came from Justin Sun's endeavors in the world of non-fungible tokens (NFTs).
First, celebrity and investor Paris Hilton announced on her Twitter account that she was prepared to resume NFT ventures and exchanged messages with Justin Sun.
In the initial message, she asked if the Tron network was ready for this.
In August 2020, Hilton sold a digital painting of her cat in NFT for 17 ETHs, and recently spoke about NFTs and Bitcoin in an interview with CNBC.
Then the CEO of the Tron chain began to delve deeper into the NFTs by purchasing some expensive pieces from more renowned artists on the NFT trading platforms.
One of these works was the digital art “Green” by the artist Beeple.
Continuing, Sun won the auction held by Christie’s and acquired the work “Femme nue couchée au collier”, by Spanish painter Pablo Picasso, for US $ 20 million dollars.
Together, he also won the work “Three Self-portraits”, by North American Andy Warhol, for US $ 6 million dollars.
Both works will be transformed into NFTs.
All of this Sun did while launching an NFT investment fund, JUST NFT, to invest in digital artwork and make blockchain itself more popular, which has the functionality to produce NFTs.
TRX's biggest leap came when pop star Lindsay Lohan released the song “Lullaby” in NFT over Tron's blockchain.
Only on this day did the TRX jump 50%.
Finally, Sun won one of the auctions that TIME magazine is doing with NFTs.
The magazine is transforming covers of its copies into non-fungible tokens, and Sun bought the cover of "The Computer In Society", from 1965, for US $ 200,000 dollars.
Many believe that NFTs are going through a Hipe period, but like the DeFi protocols, this is not quite what is happening.
In the middle of last year, many thought that the DeFi wave was a hipe, and they got it wrong.
The DeFi evolution remains, so much so that even after many “forget” about DeFis, in January this year DeFis broke capitalization records.
For those who think that NFTs are a hipe, they should realize that the future is digital, and that NFTs are being discovered now.
Several companies, celebrities and artists are starting to undertake in this medium, which is expected to grow a lot.