Donald Trump’s involvement in nonfungible tokens (NFTs) is perceived to be a net positive for the sector by some NFT proponents who wish to advance the technology.
Former US president Donald Trump announced a “major announcement” on his Truth social media platform on December 14. He announced a day later that he was selling “limited edition cards featuring amazing ART of my Life & Career,” and promised that they would be “very much like baseball cards, but hopefully much more exciting.”
The 76-year-old former US president can be seen on the cards in a boxing ring, preparing to wrestle, as an astronaut, a race car driver, and on a football field. His presidential number, 45, is inscribed on all these cards.
Donald Trump NFT Available On Opensea
On the Opensea marketplace which could be accessed through a special website developed for the sale, non-fungible tokens (NFTs) were being sold. These cards were out of stock, based on the website report on December 16.
There were 45,000 NFTs available for purchase, each of them costing US$99. Nonetheless, unlike the other nonfungible tokens, the image itself can be widely duplicated, copied, and shared online by anyone. The buyer retains ownership of the specific digital Trump card. The availability of NFTs was guarded as part of the launch, even though they would be available for every interested buyer.
Digital Trading Cards Of Trump
One of the first noticeable things is that Trump never used the phrase ‘NFT’ in his announcements. The website does not mention it either; all of the involved languages are focused on “Digital Trading Cards.”
The 45,000 NFTs in Donald Trump’s collection of digital trading cards all consist of images of him in some manner. These images share some elements between them, like most NFT collections.
The Purpose Of Donald Trump’s NFT Collection
The Trump NFT collection is surrounded by several other critical facts. First, despite reasonable speculation to the contrary, the NFT collection is a legitimate source of campaign funding.
Secondly, although Donald Trump is the focus of this nonfungible token collection, and he had some form of input into its conception and development, licensing the name is a considerable component of the Trump business strategy. In this case, a business known as NFT INT LLC, which is not owned by Trump, got a license to use the Trump name.
Although Donald Trump may not directly benefit from the NFT sales, and those funds might not be sent to his campaign account, he did a great job of licensing his name to the project.
Who Benefits From The Trump NFTs?
At $99 per piece, 45,000 NFTs sell for a cool $4.45 million. But who is getting the money if not the Trump Organization?
NFT INT LLC gets all the proceeds. Moreover, the business gets 10% of every sale of a Donald Trump Digital Trading Card. On Opensea, one of the biggest and most well-known NFT marketplaces, there has allegedly been trading activity worth about 663 ETH at the time of publication. Since 663 ETH is worth $846,000, NFT INT LLC has already gained an extra $84,600 while trading is still active and market prices seem to be on the rise.
The Trump NFTs Give The Weak Market A Lift
There is clarity that users around the world are fascinated by the Donald Trump Digital Trading Card NFT collection. But, it is not known whether the majority of the purchases were NFT traders and speculators. Nonetheless, it is still quite impressive that any NFT collection could sell out within a day.
Another thing to consider is whether the Trump NFTs retain their value over time. You are allowed to speculatively say that it is unlikely for them to retain their value since so few NFTs retain any value after their initial boom. But, stranger things have happened in this sector.
