Tron’s Founder Misses Out On Record-Breaking NFT Sale

Tron’s Founder Misses Out On Record-Breaking NFT Sale

Non-fungible tokens (NFTs) represent graphically obtained media of any form obtained in the Blockchain space. The digital assets do not have any form of their own and can be thought of as merely virtual certificates of ownership. The NFT market is a relatively unpopular space in the Blockchain terrain, despite the tokens amassing making a massive amount of revenue recently. However, in recent news, Justin Sun of Tron has missed out on selling one of the most expensive NFT in history. The programmer was outbid at the last minute, as Crypto artist- Beeple made the record-breaking sale of the digital artwork.

Sun narrowly missed out on a new $70 million bid

Beeple is one of the crypto artists who have amassed a fortune off the sale of NFTs. The recent sale of the “Everydays: The first 5000 days” digital artwork sold for $69.2 million is the highest work ever sold by the digital artist. However, the unfortunate incident about the sale is that it could have landed in the hands of Justin Sun, founder of Tron Network. Sun placed a bid above $60 million for the artworks and subsequently made another bid for about $69 million.

Unfortunately, another individual outbid the programmer by $250,000, making him lose out of the bid. Sun, who announced the incident on his official Twitter page, holds no hard feelings against the organizers, as he believed he did his best to win the bidding war. The blockchain founder confirmed that he would have increased his bid to $70 million had there been a time extension on the bid. The investor believes that the system in place was not favorable enough for him, as he would have submitted the new bid before the 30 seconds validity period expired.

Sun wants to help Christies build a blockchain-backed system for bids

On the other hand, Christies has come out to apologize to Sun, as they blamed a glitch in their network for the developer’s plight. They believed that the $70 million bid, claimed to have been submitted by Sun, did not come in on time, hence why it wasn’t processed. Christie’s has pledged to their customers to prevent such issues in the future by upgrading their systems. On the other hand, they have also advised their audience to ensure that their bids are timely and transparent.

Justin Sun, in his response, has in return offered to help the auction house develop a blockchain-themed system that will ensure a smooth transaction process for their bids in the future. Christies has not responded yet, at the time of writing. The issues between Christies- the digital marketplace where the Beeple’s art was sold, and Justin Sun further show NFT space’s growth in the last year. The market has continued to amass wealth, much to the delight of the crypto community.