Justin Sun: So nice to meet you. Thanks, everybody.
Lau: Absolutely. So right ahead of our fireside chat at GBA Blockchain Week. That’s coming up on April 1st. Let’s consider this Part 1.
I want to dive into NFTs right now. Beeple’s “EVERYDAYS: the First 5000 Days” auctioned by Christie’s for $69,346,250. You were this close to winning it, and you would have if they had registered your last-second bid. Why were you willing to drop $69 million on what essentially is an original JPEG?
Sun: Basically, I believe in the next 10, 20 years, the majority of the arts will migrate to an IT form. The first generation Web 1.0 helped everybody move media online. Today, the New York Times, Wall Street Journal, [and] Bloomberg, everybody reads the news online, not the physical form of the paper anymore. Web 2.0 moved all the connections online. So your relationship with your friends, and also all the conversation has moved online. And Web 3.0, which we are doing today, helped us move all the financial infrastructure online. So today, when you are sending money, you will not ever give paper cash anymore. So everybody is using blockchain, sending USDT, USDC, TUSD, those online stablecoins. Basically, this is [what] Web 3.0 is doing. For NFT in the arts industry, I think the trend is that all kinds of arts are going to be moved online. Instead of seeing all the art pieces in an art gallery, I think in the future, everybody will start to take digital arts [in] their collection.
I think for future billionaires, they will not show off their art pieces at their home but share their art pieces online. They can just share the links, tell a friend, ‘This belongs to me.’ And also, in the future, if you want to buy art pieces from your friend, you don’t need to go through today’s Christie’s — you need to clear customs, you need to send art pieces to another country which takes like half a year to do so. But right now, you can just send TRC-721 — only send a token to a friend. Everybody knows the transaction happened. You are the owner of these art pieces. It’s going to be moved to a completely new blockchain.
I believe this is the trend of the future generation. That’s why I heavily invested into this NFT blockchain space from day one. Even today, US$70 million seems high, but if you see the ranking of the top 100 most expensive arts right now, Beeple’s art is ranking 52 or something. But I think in the next 10, 20 years, 80% of the top 100 most expensive arts are going to be NFTs or NFT-related art.
Lau: That’s the art world. I get the art world. But $2.5 million for Twitter founder Jack Dorsey’s first-ever tweet. Is that also art? What is that?
Sun: Yes, I believe this is also art. We have lots of definitions [of] artworks. First of all, I believe Jack Dorsey’s tweet is a very important milestone for Twitter and for the history of the internet. This is the first tweet ever of Twitter itself and tweeted by Twitter’s founder and CEO Jack Dorsey. If you have one piece of art in Twitter’s history — this is definitely going to be one of the most important pieces of Twitter’s history. This is just like when a queen crowned herself, and this is like one of the pieces in the crowning ceremony. That’s why I believe this is definitely one of the important moments of internet history, which [is] definitely going to be appreciated by the internet generation. That’s why I believe [the making of] this tweet, tokenizing it, and the exchanging by blockchain is very important.
I think, in the future, we will see even more of these kinds of art pieces in the future. For example, like the first Instagram [pictures] and also the most viewed Instagram pictures. I think this is also a trend. In the future, we will see a lot of the landmarks in the internet’s history turned into NFT arts and people can trade them.
Lau: I get that. I mean, digital artifacts. We’re…