Investor Gained $30,000 From Buying NFT From the Digital Artist
Edward Fairchild, a co-founder of the cannabis company from LA, bought an NFT for $969 from his favorite digital artist Beeple. He expected it to double within two years, but in three months it reached $30,000. Fairchild admits he could never expect such a profit, because he didn’t actually know the potential of the token and was rather skeptical about the tokenized art.
He purchased a piece of Beeple’s NFT art called “The Infested Culture” with the intention to sell it with a 100% gain in a couple of years. But he didn’t know how NFT works, and even when the secondary sales of Beeple’s artworks doubled its price in 10 minutes after the auction was over, he couldn’t expect it to grow in value so fast.
Now the LA-based investor understood what he could get from his purchase and listed the tokenized piece on Nifty Gateway for $1.6 billions. Meanwhile, Beeple hit a record by auctioning off another piece for $69 millions on MakersPlace, an NFT marketplace.