Donald Trump teased an announcement on Truth Social earlier in the week. “My official Donald Trump Digital Trading Card collection is here!” he posted on Thursday. Trump did not use the abbreviation NFT in his post. However, that is what “digital trade cards” are. 45,000 NFTs can be found on the Polygon blockchain and cost $99 each.
OpenSea data shows that all 45,000 NFTs sold in less than 12 hours, despite being mocked by Trump supporters and detractors. This is $ 4.45 million raised at $99 per unit. The collection’s creators receive 10% off every sale on secondary markets such as OpenSea. Up to now, traders have spent $406,000 (320 Ethereum) on buying and selling NFTs via OpenSea. It’s still unknown who that money goes to or how it is used.
NFT INT, behind the collection, states on its website that the money will not be used to fund Trump’s 2024 presidential campaign. The site also states that NFT INT LLC does not belong to Trump or any of his organizations and that Trump is not behind the collection. Trump used his name, image, and likeness to license the project.
Even though the money raised by NFT INT won’t be funding Trump’s 2024 campaign in 2020, Trump may still make money licensing his name or likeness.
Nonfungible tokens (NFTs) can prove digital assets’ ownership. NFTs are digital goods’ equivalent of a deed. Although the first NFT collections were launched in 2017, prices soared last year due to a strong wave of speculation. The Bored Ape Yacht Club was the most well-known collection. It launched at $250 and reached $400,000 earlier in the year.
However, economic uncertainty and rising interest rate have significantly dampened the excitement. OpenSea’s largest market for these wares saw trading volume hit $250 million last month, compared to $2.5 billion in May. Trump’s entry into NFTs is a continuation of Melania’s, but it comes at a less favorable time.
Trump described the art as “similar to a baseball card but hopefully more exciting.” You can enter a raffle to win many prizes, including a one-on-one with Trump at Mar-a-Lago. All who buy more than 45 cards get an automatic invitation to a Florida gala dinner. Dune data shows 202 people currently have more than 45 NFTs in digital wallets.