Donald Trump’s fourth NFT collection is doing great or terrible a day after its debut. It just depends on how you look at it.
The collection of digital trading cards – which feature the former president in abundance – is no small feat fantastic poses and costumes— has managed to rake in more than $2 million in sales since Tuesday’s debut in a weakened NFT market.
CryptoPunks, the most valuable and prestigious NFT collection by a country mile, did less than half that volume in the last 24 hours ($754,000, according to NFT price floor).
But given the sheer size of the collection, relatively few people have chosen to take Trump’s latest crypto gambit at this point. Only approximately 20,700 “America First Edition” digital cards were minted Ethereum scale up network Polygonfrom a potential 360,000.
For most, if not all, NFT collections, selling just 5.7% of your total supply after a day or so would almost certainly be considered a pretty dismal failure.
When Trump first appeared on the NFT scene, his first two collections sold out quickly. However, they were much smaller, consisting of 44,000 and 46,000 NFTs respectively. Then last December, the Republican presidential candidate — or at least the company licensed to use his images — opted to go bigger, offering 100,000 NFTs in his third collection. Only about half of them were sold.
If Trump ultimately sells his latest NFT project, the project will ultimately raise $35.6 million, at $99 per trading card. Although the actual return on the project (so far) is significantly lower, it is certainly not a major change.
Those funds will not be used to finance the entrepreneur’s presidential campaign, the project website said. But they can be spent to fulfill the various bonus benefits offered to NFT buyers, such as attending a gala dinner with Trump, Trump-branded gold sneakers, and a piece of the suit Trump wore to his recent presidential debate Joe Biden.
This latest batch of Trump NFTs also cannot be resold on secondary marketplaces until January 31, 2025, following a similar restriction placed on the latest collection.
That caution may not have been misplaced. The popular NFT marketplace OpenSea will launch on Wednesday, featuring Trump’s new collection currently listed– revealed that recently receive a Wells notice of the US Securities and Exchange Commission (SEC).
This means, in the words of company co-founder and CEO Devin Finzer, that the agency plans to file a lawsuit “because they believe NFTs on our platform are securities.”
Edited by Andrew Hayward