Donald Trump’s NFT collection sold out in 24 hours

Donald Trump announced a “major 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 amazing ART from my life and career.“, promising that they would be “very similar to baseball cards, but hopefully much more exciting.

The 76-year-old former leader of the free world can be seen on the cards in a boxing ring, getting ready to wrestle, as a race car driver, an astronaut and on a soccer field. His presidential number, 45, is inscribed on each card.

Donald Trump NFT is available on Opensea

On the Opensea marketplace, which could be accessed via a specially created website for the sale, non-fungible tokens (NFT) were on sale. The cards were out of stock, as the website indicated on Friday.

There were 45,000 NFTs available for purchase, each costing $99. However, unlike other NFTs, the image itself can be widely copied and shared online by anyone. The buyer retains ownership of the digital Trump card in question. The availability of digital trading cards was limited as part of the launch, despite the fact that digital trading cards are not available.

Read:  Defi is more scalable than traditional finance, according to a new study

What are Donald Trump digital trading cards?

One of the first things to notice is that Trump has never used the phrase “NFT” in its ads. The website does not mention it either; all languages focus on “Digital Trading Cards“.

All 45,000 NFTs in Donald Trump’s digital trading card collection feature images of him in some way. The images share certain elements with each other, as is the case with many NFT collections.

The purpose of Donald Trump’s NFT collection

Trump’s NFT collection is surrounded by a few other crucial facts. First, despite reasonable speculation to the contrary, the NFT collection is a legitimate source of campaign funding.

Second, even though Donald Trump is at the center of this NFT collection and undoubtedly contributed to its design and development, licensing the name is an important part of Trump’s business strategy. In this case, a company called NFT INT LLC, which is not owned by Trump, has a license to use the Trump name.

Read:  Shiba Inu on PayPal? The financial giant responds to the demand

While Donald Trump does not directly benefit from NFT’s sales, and those funds do not end up in his campaign account, he has done a good job licensing his name to this company.

So who benefits from Trump’s NFTs?

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 the products. In addition, the company receives 10% of every sale of a Donald Trump digital trading card. On Open Sea, one of the most well-known NFT marketplaces, there was reportedly 663 ETH worth of trading activity at the time of this article. Given that 663 ETH is worth $846,000, NFT INT LLC has already earned an additional $84,600 while trading is still active and prices appear to be on the rise.

Trump’s NFTs give a boost to the falling market

There is no doubt that users around the world are fascinated by Donald Trump’s NFT digital trading card collection. It’s hard to know if the majority of buyers were NFT traders and speculators. However, it is still impressive that an NFT collection can sell out in less than a day.

Another question is whether or not Trump’s NFTs retain their value over time. One might speculate that this is unlikely, as very few NFTs retain value after their initial boom. But stranger things have happened.

The Best Online Bookmakers April 18 2024

BetMGM Casino

Bonus

$1,000