Science & Technology

Donald Trump’s Cringe NFT Collection Sells Out: Former President Makes a Bold Move into the NFT World

Donald Trump’s Cringe NFT Collection Sells Out: Former President Makes a Bold Move into the NFT World

Donald Trump recently announced the release of a collection of non-fungible tokens (NFTs) called “Donald Trump Digital Trading Cards”

Description of NFTs:

NFTs are digital tokens that represent ownership of a unique digital asset

Similar to a deed for a physical property

Details of the collection:

  1. 45,000 NFTs released on the Polygon blockchain
  2. Priced at $99 each
  3. Sold out within 12 hours, raising a total of $4.45 million
  4. The company behind the collection, NFT INT, states that the money will not be used for Trump’s 2024 presidential campaign
  5. Trump has licensed his name, image, and likeness for the project
  6. Offers prizes for those who purchase a certain number of NFTs, including a one-on-one meeting with Trump and a gala dinner in Florida

The collection was widely mocked, but all 45,000 NFTs sold out within 12 hours, raising a total of $4.45 million according to OpenSea data. The collection’s creators also receive 10% of every sale on secondary markets like OpenSea.

Thus far, traders have spent $406,000 (320 ether) buying and selling the NFTs on OpenSea. It is not clear where the money is going or how it will be used. NFT INT, the company behind the collection, states on its website that the money will not be funneled into Trump’s 2024 presidential campaign.

Trump has licensed his name, image, and likeness for the project, but it is not clear if the money he makes from these licenses will be used for his campaign.

NFTs are tokens on a blockchain that prove ownership of a digital asset. They are similar to a deed for physical property. The market for NFTs exploded in popularity last year, with the most famous collection, The Bored Ape Yacht Club, launching at around $250 and peaking in price earlier this year at $400,000 a pop.

However, economic uncertainty and rising interest rates have greatly dampened excitement in the market, with trading volume on OpenSea, the biggest market for NFTs, hitting $250 million last month compared to $2.5 billion in May.

Trump described the NFTs as “very much like a baseball card, but hopefully much more exciting.” Purchasing a Trump NFT enters the buyer into a raffle to win a number of prizes, including a one-on-one meeting with Trump at Mar-a-Lago.

Those who purchase over 45 NFTs automatically get to meet the former president at a gala dinner in Florida. According to Dune data, 202 people currently have more than 45 NFTs in their digital wallets.

Reference: Donald Trump’s NFT Collection Sells Out, Raising $4.45M – CNET

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