Topline
Former President Donald Trump’s line of digital trading cards sold out in a day, netting millions despite the massive ongoing slump in nonfungible tokens and cryptocurrency and a fair bit of mocking from some of his allies.
Then-U.S. President Donald Trump looks on during an event recognizing the Wounded Warrior Project … [+]
Key Facts
Priced at $99 each, they collectively brought in nearly $4.4 million.
The digital trading cards feature cartoon images of Trump in a range of different scenarios and activities: one card features him in hunting gear holding a gun, while another shows him dressed as a superhero.
Despite the project’s apparent popularity among his followers, some Trump allies spoke out against the venture like his former advisor Steve Bannon, who said on his podcast the Trump staff behind the decision “ought to be fired.”
Trump’s former national security advisor, Michael Flynn, agreed with Bannon, saying on an online stream that “whoever advised him on that, I’d fire them immediately.”
Even Tim Gionet, a far-right internet personality who goes by the name Baked Alaska online and pleaded guilty to storming the capitol on Jan. 6, tweeted “i can’t believe i’m going to jail for an nft salesman.”
News Peg
The value of digital assets like NFTs and cryptocurrency have collapsed in the past few months, most recently with the shocking downfall of FTX, a cryptocurrency exchange. Trump’s cards seem to have bucked the trend, with some of the NFTs appearing on the secondary market on platforms like OpenSea for around 0.182 ETH, or about $218.
Key Background
The NFT project is Trump’s first big move since announcing last month he would once again run for president. He hinted at the announcement for days before, leading some followers to believe he may be announcing a major political move, including a possible running mate. Three polls released this week found his popularity among Republican voters has fallen significantly. His rival, Florida Gov. Rob DeSantis, has seen his popularity surge in the same time frame. GOP officials like Senate Minority Leader Mitch McConnell have also blamed Trump for the party’s disappointing midterm results.
Tangent
Along with ownership of an NFT, Trump supporters were incentivized to buy the cards to gain entry to sweepstakes offering prizes like golfing at a Trump resort property, meeting Trump in-person or taking part in a group Zoom call. Customers who purchased at least 45 cards would be awarded with a ticket to a gala with the former president, according to CollectTrumpCards.com. The website notes the project is part of a licensing deal and none of the funds will go toward Trump’s 2024 campaign.
Further Reading
Trump’s ‘Major Announcement’ Was To Hawk His $99 NFTs (Forbes)
Source: https://www.forbes.com/sites/carlieporterfield/2022/12/16/donald-trumps-digital-trading-cards-sold-out-in-one-day—netting-44-million/