After being banned from Twitter last year, Donald Trump transitioned to a new network called Truth Social, where he promised a “big surprise” earlier this week. The identity of Trump’s vice presidential nominee in the 2024 election was a hot topic of speculation. Some of Trump’s followers were let down by the revelation that an NFT collection will include Trump.
The official Donald Trump Digital Trading Card set has arrived!” he exclaimed on Thursday. Although Trump never referred to “NFT” in the article, that is precisely what the “digital trading cards” are: In the Polygon blockchain, there are 45,000 NFTs, and each one costs $99.
OpenSea data shows that despite widespread ridicule from Trump fans and opponents alike, all 45,000 NFTs sold out in just 12 hours. This would amount to $4.45 million if each donation was $99. The designers of the collection also get 10% of the proceeds from sales made via third-party marketplaces like OpenSea. About $406,000 (320 ether) has been exchanged thus far by buyers and sellers of NFTs on OpenSea. It is unknown who receives or spends the money.
The firm behind the collection, NFT INT, makes it clear on its website that none of the proceeds will go toward Trump’s 2024 presidential campaign. According to a disclaimer posted on the site, neither Trump nor any of his businesses have any affiliation with NFT INT. Rather. Trump authorized the use of his brand by issuing a trademark license.
Trump’s 2024 campaign may still be financed in part by the royalties he receives from licensing his name and image, even if NFT INT’s fundraising efforts are unsuccessful.
Tokens on a blockchain that may only be exchanged for their original digital assets are called nonfungible tokens (NFTs). They serve the same purpose for a digital property that a deed does for physical property. While 2017 saw the inception of NFT collections, 2018 saw the market erupt as a tremendous wave of speculation pushed prices to unprecedented heights. The Bored Ape Yacht Club, the most well-known collection, debuted for roughly $250 and peaked earlier this year at $400,000 apiece.
However, increasing interest rates and economic uncertainties have significantly tempered enthusiasm. OpenSea, the largest market for these goods, had a trading volume of $250 million in June, down from $2.5 billion in May. In many ways, Trump’s entry into NFTs is less fortuitous than that of his wife Melania.
Trump compared it to “very much like a baseball card, but hopefully much more entertaining.”
If you buy a Trump NFT, you’ll be entered into a drawing for a chance to win a variety of prizes, including a private meeting with Trump at Mar-a-Lago. For those who buy more than 45 cards, we’ll throw a gala banquet in Florida where you may mingle with the ex-president. According to statistics compiled by Dune, 202 users now own more than 45 NFTs in their electronic wallets.
