Trump’s NFT collection “On sale for $99!” sold out
Former US president Donald J Trump unveils his 45,000 NFT collection. He broke the news through Truth Social, a US-based platform he founded last year. The collection has sold out in a matter of hours, generating over $4.45 million.
Trump’s NFT collection
Trump is famous for releasing branded products over the years, but this is his first NFT collection. According to Donald Trump Digital Trading Card, the collection’s website, each of the cards cost only $99.
Trump invited people to purchase his collection, terming it a great Christmas gift. The group integrates a sweepstake whereby the winner will have a one-on-one zoom call or play golf with Trump for one hour. Users will use Polygon to mint tokens for $99 apiece and payment through ether or authorized currency. The NFT collection by Trump links with a sweepstake that limits the number of NFTs to 45,000.
In July 2019, Trump made headlines after pronouncing that he was not a fan of cryptocurrency, even calling Bitcoin a “scam”. It seems he has since changed his stand on cryptocurrency after this latest NFT collection reveal. However, many are mocking the former US president and calling his NFT collection a “cash grab”.
Disbelieve in Twitter
The launch received heavy criticism on Twitter, and some users mocked Trump for taking advantage of NFT, yet his past pronouncement demeaned cryptocurrencies. Others questioned his motive for joining the crypto world, linking it to his campaign fundraising strategies of 2020 and murky spending.
Trump is an astute businessperson who knows how to take advantage of situations. He joined NFT at a time when cryptocurrencies are facing a bearish season, hoping to start a bullish season.
The NFT trading volume encountered instabilities in the year starting from January. Data gathered by Bloomberg indicate that NFT trading volume was down by 97% due to market volatility. The market continued to suffer significantly after SBF’s FTX filed for bankruptcy.
Trump has a considerable following, and fanatics who have pledged allegiance to him can purchase his branded products with vigor. Although the target audience is older and not the most tech-savvy, Trump still expects fans and devotees to purchase his NFT collections in large quantities.
Trump’s creation of the NFT collection comes at a time when his political ambitions are in turmoil. Mid-November, Trump showed interest in clinching back the presidential title, but polls indicate his decline in popularity among the Republican voters.
Surveys conducted by Suffolk University indicate that most Republicans lean towards Ron DeSantis, the Florida governor. Currently, according to surveys, the governor is leading by double digits. Some influential Republican Party members, such as Senate Minority Leader Mitch McConnell, think Trump was taking the party in the wrong direction.
Trump was recently admitted back on Twitter after the Elon Musk takeover and has used his social media reach to make the big announcement and enhance business growth. His change of tune in embracing cryptocurrencies, and the fact that the collection sold out so fast, can be seen as a bullish move amidst a harsh crypto winter.