An investor who purchased an NFT from popular digital artist Beeple for $969 initially hoped to double their investment within two years. The NFT is now worth $300,000.
Edward Fairchild, one of the founders of LA-based cannabis company THC Design, revealed that he “stumbled” into buying an NFT from acclaimed digital artist “Beeple” that has since increased in value by 30,000% since he purchased it in December. Recounting the story in an article published by Business Insider on March 14, Fairchild noted that despite being a long-time fan of Beeple, he didn’t have any knowledge about NFTs and had little faith that anybody would want to collect tokenized art at the time of the purchase.“I had no idea what an NFT was and I’d never heard of Nifty Gateway […] I really didn’t see the point,” he said, adding: “I had no idea that spending $969 on a work of art would, within three months, turn into an asset valued around $300,000”Fairchild recalls stumbling across a video from acclaimed NFT artist Beeple while scrolling through Instagram in December of last year. Despite his skepticism regarding tokenized art, the investor’s interest was piqued by Beeple’s 2020 Collection, which featured works converging NFTs with physical art.Fairchild purchased Beeple’s The Infected Culture for $969, with the artwork showcasing one of three works as a looped gif from a screen in an ornamental display box. The artwork also came with a certificate of authenticity, and a hair sample taken from Beeple.While the investor speculated that he …
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