The NFT hype is currently dominating the crypto scene. The leading crypto currencies in this area, such as Chiliz (CHZ), THETA (THETA) or the Enjin Coin (ENJ), recorded price increases in the three-digit percentage range. But not only the coins gained in value, the non-fungible tokens themselves also rose significantly in price. It has now been announced that an investor was able to generate an increase in the value of 30,000% of one of his NFTs within a very short time. In the specific case, it is about a digital work of art by the artist Beeple , which was bought for just under 1,000 US dollars and is now valued at 300,000 US dollars. The happy buyer now wants to part with his work of art.
Beeple digital artwork helps buyers make record profits
Edward Fairchild, founder of the cannabis company THC Design, received the opportunity to buy one of his NFTs from the digital artist Beeple some time ago. Fairchild struck without understanding in any way the function of Non Fungible Token. He also couldn’t imagine that there would be a market for a digital work of art and didn’t expect an increase in value. Eventually he bought Beeple’s artwork “The Infected Culture” for $ 969. In the few months after purchase, many NFTs suddenly skyrocketed in value. Coins such as Chiliz, Enjin or THETA have seen immense increases in value since December 2020.
As things stand, Beeple’s work is now worth over $ 300,000. Fairchild himself states that he discovered the work of the digital artist on Instagram by chance and then contacted him. In this context, however, he was less interested in the technical background than in the art itself. Beeples “The Infected Culture” is a picture that shows the dead Pokemon Pickachu. A certificate of authenticity and a hair sample from the artist are also part of the work of art. According to its own statements, Fairchild did not speculate on a rapid increase in value and rather by chance found out that his investment property is suddenly 30,000% more valuable than just a few weeks ago.
Beeple and his art achieve one record after another
It wasn’t until February 26 that another copy of “The Infected Culture” was sold for the equivalent of $ 288,000. In general, practically all of Beeple’s works fetched multiple resale prices within minutes of the auctions. The digital artist is currently just as much in the hype as NFTs themselves. A few days ago, on March 11th, Beeple sold the work “Everydays” for a record 69 million US dollars. Edward Fairchild wants to take advantage of the current upswing in the market and offers his copy for 1.6 million US dollars for sale via Nifty Gateway.
The NFT hype in numbers – this is how Enjin, Chiliz and Co developed
The hype about non-fungible tokens reminds in many parts of the great interest in the DeFi sector in the past year. But NFTs are interesting for a completely different reason. More and more large companies from a wide variety of sectors are entering the market. Nike has already caused a sensation in the past with an NFT shoe. The traditional auction house Christie’s is currently using the innovative technology and the comic giant DC Comics is also planning to enter the market. So it is not surprising that the leading crypto projects are currently making many investors’ hearts beat faster. Enjin, Chiliz, THETA and Co record immense price increases. But how have the courses developed in the last few days?
THETA, the NFT project with the highest market capitalization , has grown by over 41% in the past 7 days. The THETA rate currently stands at $ 6.85. However, the streaming project shows the worst performance of the top coins in the daily chart. In the past 24 hours, the price fell by over 8 percent. The same fate befell the current hype coin Chiliz. The share price has currently fallen by 7% in the past 24 hours. However, if you look at a period of several weeks, CHZ could grow by several hundred percent. Currently, the CHZ price is $ 0.605. The secret winner of the hour is Enjin. With 67 percent in the past 7 days and 6.63 percent in the past 24 hours, ENJ continues to cause a sensation.
Conclusion: NFT hype makes investors surprisingly rich
With Non Fungible Token, the crypto world has another hype. However, this is attracting large companies and brands more quickly than almost any other technology. The market for digital art or collectibles opens up completely new opportunities for many companies to sell their own products. And private investors also benefit from the hype.
It has now been announced that an American founder has bought an NFT artwork from Beeple. His investment of just under 1,000 US dollars is insane compared to the current value of the work of art “The Infected Culture”. The NFT hype drove the value up by 30,000 percent within a few months. Now the lucky investor plans to sell the work of art for a profit.
Meanwhile, the NFT market is developing inexorably. However, several cryptocurrencies from this area are currently going through a small correction phase. Only the Enjin project, the third largest in terms of market capitalization, continued to post price gains.
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