Trump NFT ‘The America First Collection’ passes CryptoPunks in sales, but…

• Trump’s fourth NFT collection raised $2 million but faces slower uptake than previous releases.
• OpenSea faces SEC action, impacting Trump’s NFT project amid rising regulatory scrutiny.

As the 2024 November election approaches, former President Donald Trump has been busy intensifying his engagement with cryptocurrency.

Beyond accepting Bitcoin donations and making headlines at the Bitcoin Conference, Trump has launched a fourth series of NFT digital trading cards.

Trump NFT collection: Boon or bane?

This new collection features 50 exclusive cards, including one of Trump holding Bitcoin [BTC].

Some collectors might even receive a physical card, containing a piece of the suit he wore during his presidential debate against Joe Biden, while others may gain an invitation to a Gala Dinner.

Trump is marketing these NFTs as a unique opportunity to own a piece of American history, blending political souvenirs with the digital asset boom. 

Taking to X (formerly Twitter), Trump remarked, 

Source: Donald Trump/X

Trump NFT shows remarkable results

That being said, despite a sluggish NFT market, Donald Trump’s fourth digital trading card collection has achieved a notable $2 million in sales since its debut.

This latest series, showcasing the former president in a range of fantastical poses, has outperformed CryptoPunks in sales volume over the same timeframe.

Source: TylerD/X

However, only 5.7% of the 360,000 cards have been sold, a modest start compared to previous releases. The current collection, though much larger in scale, is experiencing slower uptake.

If all cards are eventually sold, the project could amass $35.6 million, though it has yet to approach this figure. 

Still, there is considerable speculation in the market about whether the fourth NFT collection is performing exceptionally well or facing challenges just one day after its debut.  

Community weighs in

Providing answers to the same, crypto analyst TylerD said, 

“Trump has made about $1.7M so far on his latest NFT sale. Trump Digital Trading Cards – America First Edition have seen over 17,000 mints in < 24 hours.” 

However, he acknowledged, 

“This is only 4.7% of the total possible supply of 360,000 NFTs. There has been no secondary action as cards aren’t tradeable until Jan 31, 2025.” 

Also, the recent success of Trump’s NFT collection may be overshadowed by looming regulatory challenges.

Is a threat on the horizon?

On the 28th of August, OpenSea, the platform where Trump’s new digital trading cards are listed, disclosed that it has received a Wells Notice from the U.S. SEC.

This notice indicates that the SEC is preparing to take legal action, alleging that NFTs on OpenSea’s platform are being classified as securities.

This development raises significant concerns about the future of Trump’s collection and the broader NFT market, as regulatory scrutiny intensifies.

As expected, OpenSea co-founder and CEO Devin Finzer put it best in defense when he said, 

“We’re shocked the SEC would make such a sweeping move against creators and artists. But we’re ready to stand up and fight.”