Donald Trump’s NFT collection sells out in 24 hours
Donald Trump made a “big announcement” on his social media platform Truth on Wednesday. The 45th President of the United States announced a day later that he was selling “limited edition cards featuring the amazing ART of my Life & Career”, promising they would be “much like baseball cards, but hopefully a lot more exciting”.
The 76-year-old former leader of the free world can be seen on the cards in a boxing ring, ready to fight, as a race car driver, an astronaut and on a football pitch. His presidential number, 45, is written on each card.
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Donald Trump NFT is available on Opensea
On the Opensea marketplace, which could be accessed via a special website created for sales, non-fungible tokens (NFTs) were sold. The cards were sold out, as the site reported Friday.
There were 45,000 NFTs available for purchase, each costing $99. But unlike other NFTs, the image itself can be copied and shared online by anyone. The buyer retains ownership of the relevant digital Trumf card. The availability of NFTs was limited as part of the launch, despite this
What are the digital trading cards of Donald Trump?
One of the first things to notice is that Trump never used the term “NFT” in his announcements. The website doesn’t mention it either; all languages are focused on “Digital trading cards.”
The 45,000 NFTs in Donald Trump’s digital trading card collection all feature images of him in one way or another. The images share some elements between them, like many NFT collections.
The purpose of Donald Trump’s NFT collection
The Trump NFT collection is surrounded by a few other important facts. First, despite reasonable speculation to the contrary, the NFT collection is a legitimate source of campaign finance.
Second, although Donald Trump is the focus of this NFT collection, and he undoubtedly had some input into its conception and development, licensing the name is a significant part of Trump’s business strategy. In this case, a business called NFT INT LLC, which is not owned by Trump, is licensed to use the Trump name.
While Donald Trump may not directly benefit from the NFT sales, and those funds may not end up in his campaign account, he did a good job of licensing his name to the effort.
Who benefits from Trump NFTs, then?
At $99 each, 45,000 NFTs sell for a cool $4.45 million. But who is stealing the money if not the Trump Organization?
NFT INT LLC receives all proceeds. Furthermore, the business receives 10% of every sale of a Donald Trump Digital Trading Card. On Open Sea, one of the most well-known NFT marketplaces, there has reportedly been 663 ETH worth of trading activity at the time of writing. Given that 663 ETH is worth $846,000, NFT INT LLC has already earned another $84,600 while trading is still active and prices seem to be rising.
Trump’s NFTs give the falling market a boost
There is no doubt that users all over the world are fascinated by the Donald Trump Digital Trading Card NFT collection. It is unclear whether the majority of buyers were NFT traders and speculators. However, it’s still impressive that any NFT collection can sell out in less than a day.
Another thing is whether Trump NFTs retain their value over time. One could speculatively say that is unlikely because so few NFTs retain any value after their initial boom. But strange things have happened.
Also Read: Donald Trump’s $99 NFT Collection Sale: 5 Things You Should Know Before You Buy
The content presented may include the author’s personal opinion and is subject to market conditions. Do market research before investing in cryptocurrencies. The author or publication has no responsibility for your personal financial loss.
