{"id":258137,"date":"2024-11-30T08:09:31","date_gmt":"2024-11-30T08:09:31","guid":{"rendered":"https:\/\/www.ghanamma.com\/2024\/11\/30\/crypto-entrepreneur-eats-banana-artwork-bought-for-6-2-million\/"},"modified":"2024-11-30T08:09:31","modified_gmt":"2024-11-30T08:09:31","slug":"crypto-entrepreneur-eats-banana-artwork-bought-for-6-2-million","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2024\/11\/30\/crypto-entrepreneur-eats-banana-artwork-bought-for-6-2-million\/","title":{"rendered":"Crypto entrepreneur eats banana artwork bought for $6.2 million"},"content":{"rendered":"

<\/p>\n

\n

\"Justin Justin Sun outbid six others to claim Maurizio Cattelan’s infamous 2019 work<\/span><\/span><\/p>\n<\/div>\n

\n

A Chinese-born cryptocurrency entrepreneur has followed through on his promise to eat the banana from a $6.2m (\u00a34.9m) artwork he bought last week.<\/p>\n

Justin Sun outbid six others to claim Maurizio Cattelan’s infamous 2019 work Comedian – a banana duct-taped to a wall – at Sotheby’s auction house in New York.<\/p>\n

He ate the fruit during a news conference in Hong Kong where he used the moment to draw parallels between the artwork and cryptocurrency.<\/p>\n

The banana is regularly replaced before exhibitions, with Mr Sun buying the right to display the installation along with a guide on how to replace the fruit.<\/p>\n

It has been eaten twice before – first by a performance artist in 2019 and again by a South Korean student in 2023 – but neither paid any money to do so, let alone $6.2m.<\/p>\n

“Eating it at a press conference can also become a part of the artwork’s history,” Mr Sun said.<\/p>\n

“It’s much better than other bananas,” he added.<\/p>\n

The 34-year-old said he was intrigued by the work, admitting he had “dumb questions” about whether the banana rotted.<\/p>\n

The New York Times reported a fresh banana was bought for 35 cents on the day of last week’s auction, before becoming possibly one of the most expensive fruits in the world.<\/p>\n

Each attendee at the event on Friday was given a banana and a roll of duct tape as a souvenir.<\/p>\n

“Everyone has a banana to eat,” Mr Sun said. <\/p>\n

Mr Sun runs the Tron blockchain network – a service where users can trade in cryptocurrency.<\/p>\n

Cryptocurrencies are digital currencies that operate independent of banks, offering the potential of very secure decentralised transactions.<\/p>\n

Mr Sun compared the artwork, and other abstract pieces like it, to NFTs.<\/p>\n

These “non-fungible tokens” are pieces of digital artwork that have no intrinsic value, other than that prescribed by people.<\/p>\n

NFTs can be traded on platforms like Mr Sun’s.<\/p>\n

Last year, he was charged by the US Securities and Exchange Commission for offering and selling unregistered security tokens. Mr Sun denies the charges and the case is ongoing.<\/p>\n

This week, Mr Sun disclosed he made a $30m investment in a crypto project backed by US President-elect Donald Trump.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Justin Sun outbid six others to claim Maurizio Cattelan’s infamous 2019 work A Chinese-born cryptocurrency entrepreneur has followed through on his promise to eat the banana from a $6.2m (\u00a34.9m) artwork he bought last week. 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