December 01, 2024
By Joe Pan
Crypto mogul Justin Sun, known for his audacious stunts, has once again captured the spotlight by consuming a banana artwork he purchased for a staggering US$6.2 million. The event, which took place at The Peninsula Hong Kong hotel on Friday, was live-streamed to a global audience.
Sun, the Chinese-born entrepreneur and founder of the Tron blockchain, spoke at length in Mandarin about the significance of “Comedian,” the controversial artwork created by Italian artist Maurizio Cattelan in 2019. The piece, which consists of a banana duct-taped to a wall, has sparked debates about the nature of art and value since its debut.
The spectacle, attended by approximately 100-150 guests including Web3 enthusiasts and traditional media, unfolded in two parts. In the early afternoon, Sun held a press conference where he dramatically consumed the banana from a replica of the artwork, sparking discussions about value creation and destruction in the art world.
Ray Wong, Advisor at FinMeta and Partner of Asymmetry Capital, who attended the event, recounted Sun’s explanation of why a banana was chosen for the piece, citing its ease of taping compared to other fruits. “This is another way to kind of showcase his influence and his capabilities,” Wong commented.
Interestingly, the banana Sun ate was not the original one from the Sotheby’s auction. The original banana, purchased for a mere 35 cents from a street vendor outside the Manhattan auction house, has potentially become one of the world’s most expensive fruits.
After his speech, Sun peeled off the duct tape and took a bite of the banana, declaring, “It’s much better than other bananas. Indeed, quite good”. This act of consumption adds another layer to the artwork’s controversial history, following similar incidents in 2019 and 2023 when the banana was eaten by an artist and a South Korean student, respectively.
Sun drew parallels between conceptual art like “Comedian” and the world of cryptocurrency and NFTs. “Most of its objects and ideas exist as (intellectual property) and on the internet, as opposed to something physical,” he explained. This comparison highlights the ongoing debate about value and authenticity in both the art world and the crypto space.
Following the banana-eating spectacle, a VIP cocktail reception allowed guests to mingle with Sun. The day culminated in a 5 p.m. interview at K-11 museum, focusing on decentralized art. Throughout the events, Sun emphasized his support for Hong Kong’s Web3 ecosystem and fielded questions from various media outlets.
Notably, Sun’s team claimed that the publicity generated enough transaction volume to cover the auction cost. Wong noted: “They [Sun and team] generate a lot of volume, lot of craze around the ecosystem… they generate enough volume to actually cover the auction cost,” effectively paying for the US$6.2 million auction piece.
“It comes as no surprise to us,” Wong concluded. “It is also a pretty signature Justin move. I think big and bold and basically very contagious media coverage.”
All event goers also walk away with a banana, taped to the replica of the art piece. As news of Sun’s banana-eating performance spreads, crypto enthusiasts and art aficionados alike are left pondering the implications of this peculiar fusion of high-value art and perishable produce. Will banana prices in Hong Kong skyrocket now that the humble fruit has been elevated beyond its reputation as a mere source of potassium?
About the Author
Joe Pan is an editor at Blockwind News and an early adopter of blockchain technology. He has covered major crypto conferences globally since 2019 and frequently moderates Web3 events across Asia. Joe is part of the founding team of NFTMetta and Blockwind News.
