Crypto entrepreneur Justin Sun on Friday fulfilled a promise he made after spending $6.2 million on an artwork featuring a banana duct-taped to a wall -- by eating the fruit.

At one of Hong Kong's priciest hotels, Sun chomped down on a banana in front of dozens of journalists and influencers after giving a speech hailing the work as "iconic" and drew parallels between conceptual art and cryptocurrency.

"It's much better than other bananas," Sun said after getting his first taste. 

"It's really quite good."

Titled 'Comedian', the conceptual work created by Italian artist Maurizio Cattelan was sold at a Sotheby's auction in New York last week, with Sun among seven bidders.

Sun said he felt "disbelief" in the first 10 seconds after he won the bid, before realising "this could become something big".

In the 10 seconds after that, he decided he would eat the banana.

Justin Sun speaking to journalists and influencers before eating his banana artwork. Credit: AFP

"Eating it at a press conference can also become a part of the artwork's history," he said Friday.

The debut of the edible creation at the 2019 Art Basel show in Miami Beach sparked controversy and raised questions about whether it should be considered art -- Cattelan's stated aim.

And Sun on Friday compared conceptual art like 'Comedian' to NFT art and decentralised blockchain technology.

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

Sun also this week disclosed a $30 million investment in World Liberty Financial, a crypto project backed by US president-elect Donald Trump.

The crypto businessman was last year charged by the US Securities and Exchange Commission with offering and selling unregistered securities in relation to his crypto project Tron. The case is ongoing.

At a function room at the Peninsula hotel in Hong Kong, two men dressed as auction house staff stood in front of a featureless wall with the yellow banana offering the only splash of colour.

Sun said he only recently decided to bid for the artwork, adding he had "dumb questions" such as whether the banana had decayed and how to value the work.

The artwork owner is given a certificate of authenticity that the work was created by Cattelan as well as instructions about how to replace the fruit when it goes bad.

Event attendees on Friday each received a roll of duct tape and a banana as a souvenir.

"Everyone has a banana to eat," he said.