Within hours of its release, the Donald Trump Digital Trading Card Collection was sold out. On the Polygon blockchain, a total of 45,000 NFTs (Non-Fungible Tokens) with a $109 price were made available. This indicates that a total of $4.45 million was raised from the sale of Trump NFT.
All of the Trump Digital Trading Cards were purchased within a 12-hour period
On his Truth Social account earlier this week, the former President hinted at a “big announcement.” Many people questioned whether this significant news would pertain to his presidential campaign. However, the news ended up being a typical Donald Trump surprise: an NFT collection with a Trump motif. “My official Donald Trump Digital Trading Card collection is here!” he posted on Thursday. In past, Trump has described the NFT sales art as “very much like a baseball card, but hopefully much more exciting”.
All of the Trump Digital Trading Cards were purchased within a 12-hour period, according to data from OpenSea. A purchaser of a Trump NFT enters a drawing for a chance to win a variety of prizes, including an in-person meeting with Donald Trump. People who buy more than 45 of the cards are immediately invited to a gala banquet in Florida where they can meet the former president. According to Dune data published by CNET, 202 persons currently have more than 45 of the NFTs in their digital wallet.
Where will the proceeds from Trump’s sale of NFT go?
The organization that organized the collection, NFT INT, asserts on its website that none of the funds raised would be applied to Trump’s 2024 presidential campaign. It also states that none of Donald Trump’s businesses or organizations possess NFT INT. For the project, Trump has simply leased his name and likeness.
NFTs, or nonfungible tokens, are tokens that serve as proof of ownership for digital assets on a blockchain. They are what a deed is to a house to digital commodities. The first NFT collections were produced in 2017, but a strong surge of speculative demand caused the market to skyrocket in 2018.
The Bored Ape Yacht Club, the most well-known collection, began at roughly $250 and reached its price high early this year at $400,000 per piece. However, the spectacular drop in the cryptocurrency market and the uncertainty surrounding the world economy have stifled interest in NFT. The largest market for these products, OpenSea, saw a trading volume last month of $250 million, down from $2.5 billion in May.