Earlier this week, Donald Trump teased a “grave announcement” on Truth Social, the platform he took after. Even some Trump supporters: An NFT collection with a playing card theme.last year. Some have speculated that Trump may announce his vice-presidential candidate for the 2024 presidential election, or other key details of his campaign.the news turned out to be a disappointment
“My official Donald Trump digital trading card collection is here!” he posted Thursday. Trump never used the abbreviation “NFT” in this post, but “digital trading cards” is exactly that. 45,000 of his NFTs on the Polygon blockchain, priced at $99 each.
The NFTs were widely derided by both Trump supporters and detractors, but all 45,000 sold out in about 12 hours. According to OpenSea dataAt $99 each, this means $4.45 million was raised. The creator of the collection receives his 10% of all sales on secondary markets such as OpenSea. So far, the trader has spent $5.2 million (4,442 Ether) trading the card on his OpenSea, and the creator has earned another $520,000.
NFT traders never miss a golden opportunity to speculate, leading to strong performance in the collection’s secondary market. The cheapest Donald Trump trading card NFT currently sells for around $650, more than six times the original asking price of $99.
NFT INT, the company behind the collection, said on its site that the funds raised will not go into Trump’s 2024 presidential campaign. A blurb on that site states that NFT INT is not the property of Trump or his organization, and Trump himself is not actually behind the collection. Instead, Trump licensed his name, image, and likeness for the project.
However, even if the funds raised by NFT INT did not fund Trump’s 2024 campaign, it is possible that the funds Trump obtained from licensing his name and likeness.
NFTs (Non-Fungible Tokens) are tokens on the blockchain that prove ownership of digital assets. They are to digital goods what deeds are to homes. His first NFT collection dates back to 2017, but the market exploded last year as a powerful wave of speculation pushed prices to alarming levels. the most famous collection,launched at around $250 and peaked at $400,000 earlier this year.
However, economic uncertainty and rising interest rates have greatly tempered excitement. The trading volume on OpenSea, the largest market for such commodities, is It hit $250 million last month — compared to $2.5 billion in MayTrump’s foray into NFTs follows his wife, Melania, at a less auspicious time.
Trump described the art as “very similar to baseball cards, but hopefully more exciting.”
Purchasing a Trump NFT entitles you to participate in raffles with various prizes, including a one-on-one meeting with Trump at Mar-a-Lago. Purchase 45 or more cards to automatically meet the former president at a gala dinner in Florida. So far, 202 people have more than 45 of his NFTs in their digital wallets. According to dune data.