Edward Fairchild, one of the founders of Los Angeles-based cannabis visitor THC Design, revealed that he "stumbled" into ownership a nonfungible token, or NFT, from acclaimed digital artist "Beeple" that has since increased in value thirty,000% since he purchased it in Dec 2020.

Recounting the story in an article published past Concern Insider on Lord's day, Fairchild noted that despite being a long-time fan of Beeple, he didn't have whatever knowledge virtually NFTs and had fiddling faith that anybody would desire to collect tokenized art at the time of the purchase.

"I had no thought what an NFT was and I'd never heard of Great Gateway. [...] I really didn't encounter the point," he said, adding:

"I had no idea that spending $969 on a piece of work of fine art would, within 3 months, turn into an asset valued around $300,000"

Fairchild recalls stumbling beyond a video from Beeple while scrolling through Instagram in Dec 2020. Despite his skepticism regarding tokenized art, the investor's interest was piqued past Beeple'southward "2020 Collection," which featured works combining NFTs with physical art.

Fairchild purchased Beeple'southward "The Infected Culture" for $969, with the artwork showcasing 1 of three works as a looped GIF from a screen in an ornamental display box. The artwork besides came with a certificate of actuality — and a hair sample taken from Beeple.

While the investor speculated that he may exist able to sell the artwork for a 100% proceeds within the next couple of years, Fairchild was unaware of the recent NFT market nail, with secondary sales of Beeple's works clearing for double their primary selling toll within 10 minutes of the auction's completion.

Inside three months, the nugget'due south value appears to accept appreciated nearly 30,000%, with a different copy of The Infected Civilization selling for $288,000 on Feb. 26.

However, the LA-based investor has since adjusted his targets, listing the artwork for sale at a toll of more $1.half-dozen one thousand thousand on Dandy Gateway.

On Th, Beeple auctioned off his latest piece, "Everydays," for a record-setting $69 million through Christie'southward.