EXTRA: Crypto mogul eats banana artwork bought for $6.2m

29 Nov 2024, 14:32 by Victory Orimemi · TheCable Lifestyle

Justin Sun, the Chinese cryptocurrency entrepreneur who bought an artwork featuring a banana taped to a wall for $6.2 million (£4.9m), has eaten the fruit.

The artwork is called ‘Comedian’ and was created by Maurizio Cattelan, the Italian artist. It debuted at Art Basel Miami Beach in 2019 and ignited debates over what qualifies as art.

Sun acquired the controversial piece at the Sotheby’s auction in New York on November 20.

On Friday, during a press event at one of Hong Kong’s most luxurious hotels, the crypto boss took a bite of the banana in front of dozens of journalists and influencers. He declared it “iconic” and drew parallels between conceptual art and cryptocurrency.

“It’s much better than other bananas,” he said, describing its taste as “really quite good”.

Sun revealed his initial disbelief at winning the bid, admitting he had “dumb questions” about the piece, such as whether the banana had spoiled and how to evaluate its worth. However, he quickly saw potential in the purchase, stating, “This could become something big”.

By eating the banana at the press event, the entrepreneur claimed he was adding to the “artwork’s history”.

At the event, Sun likened the artwork to the rise of NFTs (non-fungible tokens).

“Most of its objects and ideas exist as (intellectual property) and on the internet, as opposed to something physical,” he said.

He also suggested that Comedian’s price might increase over time, much like Bitcoin.

Sun recently announced a $30 million investment in World Liberty Financial, a cryptocurrency project backed by US President-elect Donald Trump.

His entrepreneurial journey has not been without controversy.

Last year, the US Securities and Exchange Commission (SEC) charged him with offering and selling unregistered securities related to his TRON project. The case is still unresolved.

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