Donald Trump NFT Collection sells out in 24 hours
On Wednesday, Donald Trump made a “major announcement” via his Truth social media platform. The 45th President of the United States announced a few days later that he was selling limited edition cards with “incredible ART of My Life & Career” and promised that they would be “very similar to baseball cards, but hopefully more exciting.”
The 76-year old former leader of the free planet can be seen on the cards as a boxer, getting ready for a fight, as a race car driver, as an astronaut, and on a football field. Each card has his 45th birthday inscribed.
Non-fungible tokens (NFTs), were being sold on the Opensea Marketplace, which can be accessed via a special website designed for the sale. According to the website, the cards were out-of-stock as of Friday.
Each NFT cost US$99 and was available in 45,000 sizes. Unlike other NFTs however, the image can be easily copied and shared online. The digital Trump card remains the property of the buyer. Despite the fact that NFTs were not available at launch, the availability was limited.
What are Donald Trump’s Digital Trading Cards?
One of the first things you’ll notice is that Trump has never used the phrase “NFT” in his announcements. It’s not mentioned on the website; all languages are focused solely on “Digital Trading Cards.”
Donald Trump’s 45,000 NFTs all include images of him in one way or another. They share elements, such as many NFT collections.
The purpose of Donald Trump’s NFT collection
A few other important facts surround the Trump NFT collection. First, the NFT collection, despite reasonable speculation, is a legitimate source for campaign funding.
Second, even though Donald Trump is the main focus of this NFT collection and he undoubtedly had some input in its conception and development; licensing the name is an important component of Trump’s business strategy. A business called NFT INT LLC, that is not Trump’s, has a license for the Trump name to be used.
Donald Trump may not have directly benefited from the NFT sales and those funds may not end up in his campaign accounts, but he did a great job licensing his name to this endeavor.
Who Benefits from Trump NFTs?
45,000 NFTs are available for sale at a cool $4.45million each, selling for $99 each Who is stealing the money, if not Trump Organization?
All proceeds go to NFT INT LLC. The business also receives 10% from every sale of a Donald Trump Digital Trading Card. Open Sea, one the most popular NFT marketplaces, has reported that trading activity has reached 663 ETH as at this writing. NFT INT LLC has already earned an additional $84,600, despite trading being still active and prices seem to be rising. 663 ETH is worth $846,000.
Trump’s NFTs give a lift to the tumbling markets
It is clear that the Donald Trump Digital Trading Card NFT collection is a popular choice for users around the globe. It is not clear if most of the purchasers were NFT traders or speculators. It’s still remarkable that any NFT collection could sell in less than a single day.
The question is also whether or not Trump NFTs will retain their value over the long-term. It’s possible to speculate that it’s unlikely, as so few NFTs have any value after the initial boom. Stranger things have occurred, however.
Also read: Donald Trump’s $99 NFT Sale: 5 Things You Need to Know Before You Buy
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