The banana's rise to fame is a phenomenal MemeThe banana's rise to fame is a phenomenal Meme
Justin Sun said that he had known about the "duct-taped banana" artwork for a long time, but his real understanding of it came from Meme coins. In the process of participating in the token listing business on Huobi HTX, Justin Sun conducted extensive research on the Meme ecosystem and noticed the Meme about the banana (BAN, which was launched on Huobi HTX in late October), which sparked his interest in "Comedian" and this auction.
With a try-it-out mindset, Justin Sun participated in the bidding and successfully won the bid. But he admitted that the overwhelming popularity that followed took him completely by surprise. "I never thought this banana would become so popular. People may know it has some heat in the crypto circle, but I didn't expect it to be so hot outside the circle," Justin Sun said, "I saw my WeChat search index soar, even surpassing Pony Ma at one point. This banana was on the front pages of The New York Times, BBC, CNN, and more, hotter than the G20 summit."
What also surprised Justin Sun was that while this auction had lots with estimated values close to $20 million, "almost 90% of the people were there to see this banana, and no one was looking at the other $18 million worth of collections." He added, "This scene reminds me of Meme coins, whose popularity once surpassed Bitcoin and became the focus of the market. I hope this artwork can spark some reflection and create cross-boundary resonance between the art, Meme, and crypto communities."
From Buffett's lunch to a banana flying to space
When talking about Justin Sun's performance at the auction, we can't help but mention Buffett's lunch. Recalling the scene of dining with Buffett, Justin Sun mentioned the two suggestions he gave Buffett at the time: "I suggested that Buffett invest most of his cash in two targets, one being the then-low-priced Tesla, and the other being cryptocurrencies like Bitcoin. Four years have passed, and the changes, whether it's the rise of Musk or the development of the crypto industry, have been huge. Unfortunately, Buffett did not take these suggestions, and it may have been a missed opportunity for him."
In fact, Musk also has a close connection with the banana, as the Starship carried an artificial banana as a microgravity indicator during its 6th test flight, with the banana's appearance even printed in a banana-themed paint scheme. Regarding his plans for the banana after the purchase, Justin Sun said, "I hope to attach this banana to Musk's SpaceX rocket and send it to Mars. This would be a scene full of Meme charm. Imagine a banana strapped to a rocket, traversing the vast cosmos to reach Mars or the Moon, and then being auctioned for charity after returning to Earth. This would not only embody the spirit of Meme, but also demonstrate the power of crypto culture to transcend boundaries and break conventions."
Using the banana to build a bridge for the public to the crypto ecosystem
While the $6.2 million banana is certainly expensive, it's like a lever that has drawn global attention. In Justin Sun's view, the banana symbolizes the aesthetics of the crypto community, and its emotional power is stronger than traditional art collecting. "The connection between the art world and the crypto world is very close. The PEOPLE project last cycle was also related to art auctions, when people were crowdfunding to bid on a copy of the US Constitution. But the trigger points that ignite these two circles are different. Compared to the art circle, the crypto circle is adept at conveying culture through humor and rebellion, which is more likely to resonate with the general public. This aesthetic that is close to the emotions of ordinary people may be the reason why it is differentiated from traditional art."
The guests who attended this Huobi live broadcast also shared their own views and feelings about this auction. KOL DaDa said, "The banana artwork is a perfect case of Meme culture. Its creation is intended to challenge the traditional definition of value in the art world through a humorous approach, and to resonate with the public through absurd expression. The crypto community and Meme culture have a natural fit, as cryptocurrencies inherently carry the spirit of anti-authority and decentralization. The global attention sparked by this auction can form a bridge between traditional culture and crypto culture, accelerating the globalization of Web3. Through this artwork, more people outside the circle not only know that Bitcoin is about to break $100,000, but can also pay attention to the cultural aspects of the crypto market."
Nano Labs founder Jack Kong believes that "Meme coins are a native blockchain financial culture, and a very sustainable long-term track. Essentially, Bitcoin in its early days was also a Meme, and it has gradually evolved into a financial miracle around the world. So Meme has the ability to create miracles. The significance of Sun's auction is not that he has endowed Meme with anything, but that he himself has become a Meme."
Huobi HTX spokesperson Liuye said that Justin Sun's $6.2 million purchase of "Comedian" is a milestone event in both art history and crypto history. Liuye said, "This will attract more creators to enter the crypto world, making the entire ecosystem more comprehensive. I look forward to the new evaluation of this event in a few years."