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I Watched Justin Sun Eat the World’s Most Expensive Banana. I Don’t Get It.

Crypto entrepreneur Justin Sun ate a $6.2 million artwork at an event in Hong Kong.

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As an analyst with over two decades of experience in the tech and art industries, I find myself at a loss to understand the logic behind Justin Sun’s antics. The idea that someone would spend millions on a banana duct-taped to a wall and then eat it, all in the name of “art,” seems ludicrous to me.

As an analyst, I found myself standing in the room today, with Justin Sun making his grand entrance accompanied by his customary team of security personnel and consultants. A banana was strategically affixed to a white wall behind him, while two expressionless individuals dressed in white shirts and black aprons stood on either side, their gazes fixed upon the array of cameras and mobile devices pointed at them. Intriguingly, I couldn’t help but ponder what thoughts might be going through their minds.

Regarding my thoughts, they leaned towards finding the entire situation quite absurd. To provide some context, on November 21st, Tron founder Justin Sun spent a staggering $6.2 million – with $1 million going as commission – at an auction held by Sotheby’s in New York for a piece called “Comedian.” This artwork, crafted by contemporary artist Maurizio Cattelan in 2019, is simply a banana affixed to the wall using duct tape.

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Many people’s responses to someone investing a significant amount in contemporary art are often the same: a mix of confusion, displeasure, and a hint of skepticism. However, it’s important to note that those who aren’t fond of art can still admire the craftsmanship involved in paintings or sculptures. I must admit, pieces like “Comedian” or “Unmade Bed“, if they hold any artistic value, remain beyond my understanding. Yet, Tron’s PR team insists that art is a matter of personal interpretation.

However, we’re in the midst of meme coin fever, where items without any inherent worth are all the rage. Given this trend, it wasn’t unexpected when Sun announced his intention to consume the banana-and-duct-tape combination shortly after purchasing it.

On two separate occasions, this event has transpired: Firstly, in the year 2019, a performance artist snatched it following its sale for $120,000 at Art Basel in Miami. Subsequently, in 2023, a South Korean art student made off with it from the Leeum Museum of Art in Seoul.

It doesn’t affect the artwork. The banana and duct tape are replaced regularly anyway.

The event transpired at the luxurious Peninsula Hotel, located in the Tsim Sha Tsui district of Hong Kong, just a short distance from several infamous homeless shelters, on a Friday.

The gathering included a diverse assortment of journalists, art and cryptocurrency professionals, representatives from Tron and Sotheby’s, as well as influential opinion leaders (KOLs). These individuals sported eclectic styles that suggested affordable market finds, but were likely pricey – American dollars, not Hong Kong. Among them was a fellow journalist who had traveled directly from Shanghai for the occasion. In the lobby, servers in white jackets served wine and various appetizers.

An information board near the entrance said Sun sought to immerse himself in the performance art of Cattelan, with Comedian as his muse. “He envisions this iconic piece as a catalyst for sparking dialogues and exchanges,” the text read.

The individuals I conversed with who attended seemed rather critical, describing the gathering as primarily a promotional trick instead of something substantial.

The Sun isn’t new to grabbing attention. Back in 2019, he shelled out $4.57 million at a charity auction just to have lunch with Warren Buffett. This April, he even asked the renowned film composer Hans Zimmer to pen a theme song for Tron.

Additionally, he held the position of permanent representative for Grenada at the World Trade Organization. More recently, he was elected as the prime minister of the free-market micronation Liberland, situated in a floodplain on the Croatian bank of the Danube River.

The sun has been featured in more serious news stories as well. Last year, the U.S. Securities and Exchange Commission accused it of fraud and violations of securities laws, such as “manipulating the secondary market for TRX through extensive wash trading.” In response, Sun stated on X that the lawsuit was unfounded.

In the meantime, Tron’s lawyers have warned media organizations about potential lawsuits if they disclose information regarding Tron being used by terrorist groups.

It’s possible that the expectation was for the banana to unite everyone and distract them from their current issues. In Sun’s view, the banana might be the beginning of a widespread movement. At one point, he even questioned, “Is it just a banana or does it belong to us all?

He compared the process of replacing the banana every few days to the changing Chinese dynasties over the millennia. He praised the banana for how much traffic and attention it had brought himself and Tron. He noted that the banana’s value went beyond the limits of money.

Then he ate it.

It appears that November in Hong Kong is the ideal month for unusual crypto occurrences. Thankfully, unlike the ApeFest from last year, this time no one had to be hospitalized. Instead, as they departed, attendees were given a replica of Comedian, a roll of duct tape, and an extra banana.

At least that’s my breakfast tomorrow sorted.

Callan Quinn

Callan Quinn serves as a news correspondent in Hong Kong for CoinDesk, having previously reported on the cryptocurrency sector for The Block and DL News. Her articles delved into topics such as crypto fraud in Asia, regulatory matters, web3 culture, and experimenting with new initiatives like China’s CBDC. Prior to this role, Callan worked as a reporter across the U.K., China, Georgia, and Somaliland. She also owns over $1,000 worth of ETH.

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2024-11-29 16:51