Edward Fairchild, co-founder of THC Design in Los Angeles, said he stumbled upon a purchase of NFT from renowned digital artist Beeple, which has since risen 30,000% since its acquisition in December.
Telling the story in an article published by Business Insider on March 14, Fairchild noted that despite being a longtime Beeple fan, he knew nothing about NFT and was not sure if anyone would want to collect art. Symbolic at the time of purchase.
He said: “I had no idea about NFT and had never heard of Nifty Gateway […] I really did not understand the purpose,” he added:
“I had no idea that spending $ 969 on a work of art would become an asset within three months, worth about $ 300,000.”
Fairchild remembers stumbling across a video by renowned artist NFT Beeple while browsing Instagram last December. Despite his doubts about symbolic art, the investor’s interest was aroused by the Bipla collection in 2020, which contained works related to material art.
Fairchild bought Beeple’s Infected Culture for $ 969, where one of the three works of art was shown as a rolling film on a screen in an ornate display. The artwork was accompanied by a certificate of authenticity and a hair sample taken from Biple.
While the investor speculated that he might be able to sell the art for 100% profit over the next two years, Fairchild was not aware of the recent upswing in the NFT market, as Beeple’s secondary sales doubled the base sales price within 10 minutes. the end of the auction.
Within three months, the asset’s value appears to have increased by almost 30,000%, and on February 26, the option sold The Infected Culture for $ 288,000.
However, the Los Angeles-based investor has adjusted his goals by listing more than $ 1.6 million in art on Nifty Gateway.
On March 11, Biple auctioned off its latest item, Everyday, for $ 69 million at NFT Marketplace MakersPlace.