An Investor Bought An NFT For $1 In 2021, Today It’s Worth $150K

While the non-fungible token market is acknowledged as highly speculative, and investors have encountered substantial risks, some have achieved financial success through NFT collections. This success has been realized via trading and holding valuable digital assets, or by profiting from secondary markets. This article recounts the remarkable story of an investor who purchased an NFT for a mere $1, which has since appreciated to a value exceeding $150,000.

Beeple's NFT Skyrockets from $1 to $150,000

On October 2, Justin Trimble shared that he had acquired a non-fungible token titled "POLITICS IS BULLSHIT" by Beeple for just $1. This NFT, created shortly before the 2020 US election, reflects on political division, the influence of social media, and evolving digital culture. The artwork depicts falling money, symbolizing both economic disparity in the United States and the artist's perception of significant shifts occurring within the digital art landscape. Trimble confirmed that his NFT collection has since seen its value surge to over $150,000.

Justin Trimble is an early adopter in the NFT space and is also the co-founder of 'Braindrops,' a platform focused on Artificial Intelligence-generated art. He first engaged with cryptocurrency in early 2020 and has since cultivated a significant collection centered on generative and AI-based digital art. He is also an early investor and advisor to Stability AI, contributing to advancements in open-source artificial intelligence.

Trimble's initial exposure to Bitcoin occurred during its early price volatility. His involvement deepened with the advent of Ethereum, which unlocked new possibilities. Several months later, he discovered NFTs through CryptoPunks, an introduction to blockchain-based digital art. Subsequently, he developed a more profound interest in generative art, exploring platforms such as Art Blocks. Art Blocks is an Ethereum-based platform where artists utilize algorithms to create unique digital artworks, which collectors can then acquire as NFTs.

Trimble's NFT holdings include several notable collections. One such piece is Nwanyi-Sunday, an NFT by digital artist Osinachi, which depicts a woman seated and adorned in a red patterned dress inspired by Nigerian textiles. The title of the NFT references a name historically common in Igboland, associated with femininity, beauty, and the serene atmosphere of a Sunday. Trimble also possesses earlier works by Osinachi, including a significant piece from 2015 titled "A Woman Scorned."

He also owns multiple Pipe Chromie Squiggles. Pipe Squiggles, created by SnowFro, represent the rarest visual subtype within the Chromie Squiggles collection, making up less than 2% of the total supply. Unlike Standard Squiggles, they are characterized by thin, segmented color slices bordered by black rings, which impart a three-dimensional appearance and a distinctive visual identity. These NFTs are defined by unique attributes such as their starting color, ending color, and height.

Beeple's NFT Experiences a Significant Price Drop

While some investors have profited handsomely from holding and trading high-value non-fungible token collections, the sector has also led to substantial financial losses for many others. The owner of the NFT artwork "Everydays: The First 5000 Days," by Beeple, is an example of an investor who has incurred negative returns from NFT trading. This individual purchased the NFT for $69.3 million at a Christie's auction in March 2021; however, its current valuation stands at approximately $10 million.

The artwork itself is a digital collage comprising 5,000 images that Beeple created on a daily basis over more than a decade. The piece presents a chronological compilation of daily images produced by Beeple from 2007 to early 2021, illustrating his artistic progression from rudimentary pop-culture caricatures to intricate sci-fi and political themes. This sale marked the most expensive NFT transaction to date and was a pivotal moment for the NFT market. The subsequent sharp decline in its price highlights the inherent volatility of NFTs, demonstrating that their values can fluctuate dramatically and unpredictably.