A non-fungible token (NFT)-linked artwork by digital artist Beeple purchased for less than $1,000 in December 2020 is now worth $300,000, according to its owner.
- The NFT was purchased for $969 by Edward Fairchild, co-founder of Los Angeles-based cannabis cultivator THC Design.
- Fairchild said he had no idea what an NFT was when he bought "The Infected Culture" by Beeple in December 2020, despite being a fan of the digital artist, he said in an article for Business Insider Saturday.
- Nor was he aware of the recent boom in NFT sales until he saw that another copy of the same work had been sold for $288,000.
- Fairchild has now listed his own copy on Nifty Gateway for nearly $1.7 million.
- Beeple has been at the forefront of the recent NFT craze, his work "EVERYDAYS: THE FIRST 5000 DAYS" selling on March 11 for $69.3 million in, by far the largest known sale of an NFT.
- While some are saying NFTs are in a price bubble, Fairchild said "This feels like the beginning of something that we can't even comprehend yet."
- "In the future, more and more people are going to be spending their time in virtual reality, and NFTs have infinite potential when it comes to ownership of digital assets," he said.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.