Donald Trump NFTs a wild hit, sold-out within hours of rollout

Donald Trump Digital Trading Card collection is sold out within hours of its rollout. In total, 45,000 NFTs (Non-Fungible Tokens) were released on the Polygon blockchain, each priced at $99. This means that a total of $4.45 million have been raised from Trump NFT sales.

Earlier this week, Donald Trump teased a “major announcement” on his Truth Social account. Many wondered if this major announcement was going to be about his presidential run. But the news turned out to be a signature Donald Trump moment of surprise: a Trump-themed NFT collection.

“My official Donald Trump Digital Trading Card collection is here!” he posted on Thursday.  In past, Trump has described the NFT sales art as “very much like a baseball card, but hopefully much more exciting”. 

According to OpenSea data, all Trump Digital Trading Cards were sold out within 12 hours.

After buying a Trump NFT, a buyer enters into a contest to win a number of prizes, including a one-on-one meeting with Donald Trump. Those who purchase over 45 of the cards automatically get to meet the former president at a gala dinner in Florida. So far, 202 people have more than 45 of the NFTs in their digital wallet, according to Dune data cited by CNET.

Where will money from Trump’s NFT sale go?

NFT INT, the company behind the collection, claims on its website that the money raised won’t be used in Trump’s 2024 presidential campaign. It further adds that NFT INT is not owned by Donald Trump or any of his organisations. Trump has only licensed his name and image for the project.

NFTs, or nonfungible tokens, are tokens on a blockchain that prove ownership of a digital asset. They are to digital goods what a deed is to a house. The first NFT collections date back to 2017, but the market exploded last year as a powerful wave of speculation drove prices up to stunning levels.

The most famous collection, The Bored Ape Yacht Club, launched at around $250 and peaked in price earlier this year at $400,000 a pop. 

However, the global economic uncertainty and astronomical crash in the cryptocurrency market have thrown the NFT excitement off the ground. 

Trading volume on OpenSea, the biggest market for such wares, hit $250 million last month, compared with $2.5 billion in May. 

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