An investor who bought NFT from popular digital artist Beeple for $ 969 initially hoped his investment would double within two years. And now this NFT is worth $ 300,000.
Edward Fairchild, one of the founders of the LA-based cannabis company THC Design, revealed that he “happened” to buy an NFT from the famous digital artist “Beeple”, and value of the NFT This is up 30,000% since he bought it in December.
Retelling the story in an article published by Business Insider on March 14, Fairchild notes that despite being a longtime Beeple fan, he does not have any NFT knowledge and hardly believe anyone would want to gather the art of coding at the time of purchase.
I don’t know what an NFT is and I have never heard of the Nifty Gateway […] I don’t really understand this issue. I didn’t know that spending $ 969 on a piece of art, within three months, would turn into an asset worth about $ 300,000.
Fairchild recalls casually watching a video of the artist NFT Beeple while surfing Instagram last December. Despite his skepticism about crypto art, investor interest has been fueled by Beeple’s 2020 Collection, which features NFT works of physical art.
Fairchild bought The Infected Culture for $ 969. The artwork also comes with a certificate of authenticity and a hair sample taken from Beeple.
When he bought them, the investor speculated that he could sell the artwork at a 100% margin within the next few years, but Fairchild was unaware of the recent NFT market boom, but that sales volume. Beeple’s secondary works doubled their primary selling prices within 10 minutes of auction closing.
Over the next three months, the property’s value increased by almost 30,000%, with another copy of The Infected Culture selling for $ 288,000 on Feb. 26.
However, Edward Fairchild has now adjusted his aim, listing the artwork for more than $ 1.6 million on the Nifty Gateway.
On March 11, Beeple auctioned his latest work “Everydays” for a record 69 million USD on the NFT MakersPlace market.
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