Edward Fairchild, one of the founders of LA-based cannabis company THC Design, announced that he “stumbled” while purchasing an NFT from acclaimed digital artist Beeple, which has increased in value by 30,000% since it was purchased in December.
Fairchild told the story in an article published March 14 by Business Insider, noting that while he was a longtime Beeple fan, he had no knowledge of NFTs and had little confidence that anyone would have token art want to collect on the internet time of purchase.
“I had no idea what an NFT was, and I had never heard of Nifty Gateway […] I really didn’t get the point, ”he said, adding:
Little did I know that $ 969 for a piece of art would turn into an asset of around $ 300,000 in three months. “
Fairchild recalls that while scrolling Instagram last December, he stumbled upon a video by well-known NFT artist Beeple. Despite his skepticism about tokenized art, investor interest was piqued by Beeple’s 2020 collection, which featured works that match NFTs with physical art.
Fairchild bought Beeples The Infected Culture for $ 969. The work of art shows one of three works as a looped GIF from a screen in a decorative showcase. The artwork also came with a certificate of authenticity and a hair sample from Beeple.
While the investor speculated that he could sell the artwork for a 100% profit in the next few years, Fairchild was unaware of the recent NFT market boom as secondary sales of Beeples works were double their primary selling price within 10 minutes after the auction has ended.
Within three months, the asset appears to have increased in value by nearly 30,000%. Another edition of The Infected Culture sold for $ 288,000 on February 26th.
However, the LA-based investor has since adjusted its goals and put the artwork up for sale on Nifty Gateway at a price of more than $ 1.6 million.
On March 11th, Beeple auctioned his latest piece “Everydays” for a record 69 million US dollars on the NFT marketplace MakersPlace.