Cryptocurrency News

Beeple NFT Value Hikes By Over 30,000% – THC Design Founder.

One among the founders of LA-based cannabis firm THC Design, Edward Fairchild, reveals that he “stumbled” into purchasing an NFT from acclaimed digital artist “Beeple” that has since hiked in value by 30,000% since he purchased it earlier in December.

Recounting the story earlier & published by Business Insider on 14th March, Fairchild outlined 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 gather tokenized art at the time of the acquisition.

“I had no idea what an NFT was and I’d never heard of Nifty Gateway […] i actually didn’t see the purpose,” he explained, adding:

“I had no concept spending $969 USD on a piece of art would, within three months, become an asset valued around $300,000.”

Fairchild recalls stumbling across a video from acclaimed NFT artist Beeple while scrolling via Instagram earlier in December of last year. Despite his skepticism regarding tokenized art, the investor’s interest was piqued by Beeple’s 2020 Collection, that featured works converging NFTs with physical art.

Fairchild purchased Beeple’s The Infected Culture for $969 USD, with the artwork showcasing one among three works as a looped gif from a screen in a decorative display box. The artwork also came with a certificate of authenticity, and a hair sample taken from Beeple.

While the investor predicted that he is ready to sell the artwork for a 100% gain within subsequent few years, Fairchild was unaware of the recent NFT market boom, with secondary sales of Beeple’s works were clearing for double their primary asking price within 10 min’s of the auction’s completion.

In solely 3 months, the asset’s value appears to possess appreciated by nearly 30,000%, with a special copy of The Infected Culture selling for $288k earlier on 26th Feb.

Additionally, the LA-based investor has since adjusted his targets, listing the artwork purchasable at a price of over $1.6 Mln on Nifty Gateway.

Also earlier on 11th March, Beeple auctioned off his latest piece “Everydays” for a record-setting $69 Mln on NFT marketplace MakersPlace.

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