Donald Trump’s second batch of NFT trading cards sold out in hours. The decision has drawn backlash and conjecture about his 2024 ambitions.
The former US president announced on his social media platform Truth Social that he has launched his second series of digital trading cards, following the success of his first one in December.
The new collection consists of 47,000 tokens, which are minted on the Polygon network and priced at $99 each. The tokens feature various aspects of Trump’s life and career, such as him dressed as a superhero, an astronaut, a race car driver, a cowboy, and a king. Some of the designs are unique, while others exist in editions of up to 20.
According to Trump’s post, the new series sold out within hours, generating about $4.6 million in revenue. He claimed that he could have raised the price much higher, but he decided not to because he wanted his fans and supporters to make money and have fun doing it.
“I could have raised the price MUCH HIGHER, & I believe it still would have sold well, with a lot more money coming to me, but I didn’t choose to do so. I WILL BE GIVEN NO ‘NICE GUY’ CREDIT?”
Donald Trump
However, not everyone was impressed by Trump’s NFT venture. Some Republicans and crypto enthusiasts criticized and mocked him for exploiting his followers and flooding the market with low-quality tokens.
“I can’t do this anymore,” Steve Bannon, a right-wing media commentator and former chief strategist for Trump, said about the sale on his podcast. Anyone involved in the project “ought to be fired today,” he added.
Others pointed out that the floor price of Trump’s first series of NFTs plummeted by over 50% after the announcement of the second series, according to Coingecko data. This suggests that the demand for Trump’s tokens is not as high as he claims and that the collectors who bought his first series may have lost money.
Some also speculated that Trump’s NFT’s are part of his strategy to remain relevant on social media and prepare for a potential presidential campaign in 2024. The additional 2,000 tokens in the new series highlight the number “47”, which would signify the next US president’s position.
Trump has already announced his intention to run for president again in 2024, despite being impeached twice and banned from major platforms such as Twitter and Facebook. He has also launched his own social media platform Truth Social, which is expected to go live next month.
Trump’s NFTs are not connected to his campaign or his company. According to the website, the tokens, are offered by a third-party company that pays Trump a license fee for using his name and likeness.
The website also says that the tokens are intended as collectible items for individual enjoyment only, not as investment vehicles. The tokens also offer various prizes for the buyers, such as autographs, memorabilia and meetings with Trump at his Mar-a-Lago resort in Florida.
However, according to the fine print, the winners are responsible for covering their own travel and lodging expenses. Trump is not the first politician to enter the NFT space.
In October 2022, former Secretary of State Hillary Clinton sold an NFT of her “burned” concession speech for $1.1 million. In November 2022, former President Barack Obama released an NFT collection featuring portraits of himself and his family.
NFTs are digital assets that represent unique or scarce items such as art, music, or sports memorabilia. They can be bought and sold on online platforms using cryptocurrencies. The NFT market has exploded in popularity in 2022, reaching over $10 billion in sales volume.
However, the market has also faced challenges such as regulatory uncertainty, environmental concerns, and security risks. Some experts have warned that NFTs are a speculative bubble that could burst soon.
