Edward Fairchild, a founder of THC Design in Los Angeles, said he “stumbled” to buy a non-fungal symbol, or NFT, from renowned digital artist Beeple, whose value has since increased by 30,000%. Buy. In December 2020.
Fairchild talked about this in an article published by Business Insider on Sunday, noting that although he was a longtime fan of Pebble, he knew nothing about NFT and was not sure if anyone would want to collect symbolic art at the time. From the time of purchase.
“I had no idea about NFT and had never heard of Nifty Gateway. […] I did not fully understand the purpose, “he said, adding:
“I had no idea that spending $ 969 on a work of art would become an asset in three months, worth about $ 300,000.”
Fairchild recalls stumbling across a Beeple video while browsing Instagram in December 2020. Despite his suspicion of symbolic art, he aroused the investor’s interest in Biple’s “2020 Collection,” which featured works combining NFT and physical art.
Fairchild bought Biple’s Infected Culture for $ 969, as the image shows one of the three works as a figurative GIF from a screen in a decorative shop window. The artwork was also 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 artwork at a 100% profit over the next two years, Fairchild was unaware of the recent rise in the NFT market, as Beeple’s secondary sales fell by half from the original selling price 10 minutes after the auction ended.
Within three months, the asset’s value appears to have increased by almost 30,000%, and on February 26, The Infected Culture variant sold for $ 288,000.
However, the Los Angeles-based investor has adjusted his goals by listing more than $ 1.6 million in artwork on Nifty Gateway.
On Thursday, Beeple sold his latest work, Everyday, for $ 69 million through Christie’s.