Before this week’s end, Donald Trump turned to Truth Social, the site he started using after being banned from Twitter a year ago, to hint at a “big announcement.” Some others thought Trump may reveal his vice presidential nominee in the 2024 election or some other important part of his campaign. Even for Trump fans, the announcement of an NFT collection with the president’s likeness was a letdown.
On Thursday, he said, “My official Donald Trump Digital Trading Card collection is here!” Though Trump never referred to them as “NFT,” the digital trading cards are just that: In the Polygon blockchain, there are 45,000 NFTs, and each one costs $99.
OpenSea data shows that all 45,000 NFTs were purchased in around 12 hours, despite receiving widespread ridicule from both Trump fans and adversaries. This amounts to $4.45 million if each donation was $99. The artists also get 10% of the proceeds from the collection’s sale on third-party marketplaces like OpenSea. Over the course of OpenSea’s history, buyers and sellers have exchanged $406,000 (320 ether) worth of NFTs. It is unclear who receives and spends the money.
According to the collection’s website, the funds will not go toward Trump’s 2024 presidential campaign, which NFT INT is running. There’s a disclaimer on the site saying that Trump isn’t behind the collection and that he doesn’t own NFT INT LLC. In its place, Trump licenced the use of his name, image, and likeness for the undertaking.
While the NFT INT fundraising may not be directly supporting Trump’s 2024 campaign, the money he earns from licencing his brand and likeness may.
Non-transferable tokens (NFTs) are digital assets that may be used to demonstrate ownership on a blockchain. They serve a similar purpose for digital commodities as a deed does for physical ones. Although the earliest NFT collections only date back to 2017, the market surged last year as a tremendous wave of speculation drove prices to unprecedented heights. The Bored Ape Yacht Club, the best-known collection, started at roughly $250 and reached a top price of $400,000 earlier this year.
Unfortunately, rising interest rates and economic uncertainties have significantly diminished enthusiasm. OpenSea is the largest marketplace for these goods, and its trading volume surpassed $250 million in June, up from $2.5 billion in May. The timing of Trump’s NFT venture is significantly less propitious than that of his wife Melania’s.
Donald Trump compared the artwork to baseball cards, saying, “very much like a baseball card, but hopefully much more interesting.” If you buy a Trump NFT, you may enter a drawing for several prizes, including a chance to have lunch with Trump at Mar-a-Lago. The ex-president will be attending a gala dinner in Florida with those who buy more than 45 cards. Based on statistics provided by Dune, 202 users now own more than 45 NFTs in their electronic wallet.
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