Donald Trump announced a “major announcement” on his Truth social media platform on Wednesday. The 45th president of the United States announced a day later that he was selling “limited edition cards featuring amazing ART of my Life & Career,” promising that they would be “very much like 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 football field. His presidential number, 45, is inscribed on each card.
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Donald Trump NFT is available on Opensea
On the Opensea marketplace, which could be accessed via a special website created for the sale, non-fungible tokens (NFTs) were being sold. The cards were out of stock, as the website reported on Friday.
There were 45,000 NFTs available for purchase, each costing US$99. However, unlike other NFTs, the image itself can be widely copied and shared online by anyone. The buyer retains ownership of the particular digital Trump card. The availability of NFTs was constrained as part of the launch, despite the fact
What are the Digital Trading Cards of Donald Trump?
One of the first things to notice is that Trump never used the phrase “NFT” in his announcements. The website doesn’t mention it either; all of the languages are focused on “Digital Trading Cards.”
The 45,000 NFTs in Donald Trump’s collection of digital trading cards all feature images of him in some way. The images share some elements between them, like many NFT collections.
The purpose of Donald Trump’s NFT collection
The Trump 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 the focus of this NFT collection, and he undoubtedly had some input into its conception and development, licensing the name is a significant component of the Trump business strategy. In this instance, a business called NFT INT LLC, which is not owned by Trump, has a license to use the Trump name.
Although Donald Trump might not directly benefit from the NFT sales, and those funds might not end up in his campaign account, he did a good job of licensing his name to the endeavor.
Who Benefits from the Trump NFTs, so?
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 proceeds. Furthermore, the business receives 10% of each sale of a Donald Trump Digital Trading Card. On Open Sea, one of the most well-known NFT marketplaces, there has reportedly been trading activity worth 663 ETH as of this writing. Given that 663 ETH is worth $846,000, NFT INT LLC has already made an additional $84,600 while trading is still active and prices appear to be on the rise.
Trump’s NFTs give the tumbling market a lift
There is no doubt that users all over the world are fascinated by the Donald Trump Digital Trading Card NFT collection. It’s unclear if the majority of purchasers were NFT traders and speculators. However, it’s still impressive that any NFT collection could sell out in less than a day.
Another thing is whether or not the Trump NFTs retain their value over time. One might speculatively say it’s unlikely because so few NFTs retain any value after their initial boom. Stranger things have happened, though.
Also Read: Donald Trump’s $99 NFT Collection Sale: 5 Things You Should Know Before Buying
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/donald-trump-nft-collection-sells-out-in-24hrs/