TLDR:
- Launching his 'America First Edition,' Trump kicks off a massive release of 360,000 digital trading cards.
- To date, only about 5.7% of these digital assets have been claimed, surpassing $2 million in revenue.
- Each NFT, tagged at $99, comes with exclusive rewards like dining with Trump or owning golden Trump footwear.
- On OpenSea, the hub for Trump's NFTs, there's chatter about the SEC potentially stepping in over securities regulations.
- Trump, reversing his previous stance, now embraces crypto in his bid for the presidency.
Former President Donald Trump Embarking on his fourth journey into the NFT space, the former president stakes his claim. The 'America First Edition' tells the story of Trump's campaign, now wedded to cryptocurrency adoption.
These 360,000 digital trading cards, priced at $99 a pop, have already generated a staggering $2 million soon after launch.
Flaunting Trump in fantastical scenarios, the NFTs depict him busting a move or holding cryptocurrency.
With certain purchases, fans might score invitations to events with Trump, high-end sneakers, or a piece of the debated suit.
While sales are impressive, only roughly 20,700 NFTs are currently out there, just a sliver of the entire collection at about 5.7%.
Compared to the rapid sell-outs of his inaugural collections, boasting smaller volumes of 44,000 and 46,000, this is an interesting shift.
These NFTs find their home on the Ethereum-friendly Polygon network and are featured on OpenSea.
However, eager traders must wait until January 2025 to resell these NFTs on different platforms, echoing restrictions from past collections.
As Trump leans into his crypto-friendly persona, his newest NFT release marks a campaign pivot.
Though he once derided digital coins as harmful to traditional currency, Trump's tone changed, affectionately calling himself the 'crypto president.'
Trump's alignment with the crypto-savvy populace underscores his strategy to attract young, digital-minded voters.
He promises to counter President Biden's stance on crypto and engages personally with the bitcoin mining community at Mar-a-Lago.
Significantly, Trump headlined Bitcoin 2024, the largest global congregation of bitcoin enthusiasts.
His vice-presidential choice, JD Vance, mirrors his enthusiasm and is actively seeking regulatory reforms in the crypto realm.
Trump's strategic outreach extends to wealthy crypto advocates such as the Winklevoss brothers, Andreessen, Horowitz, and Musk.
Crypto's foothold in the political sphere grows, providing nearly half of corporate electoral donations this cycle, as noted by Public Citizen. Industry contributions have mushroomed beyond $119 million, chiefly bolstering pro-crypto figures while opposing skeptics. Yet, challenges loom over the NFT and digital currency sector.
The SEC has sent a Wells Notice to OpenSea, signaling potential legal scrutiny over NFTs' security status.
The NFT marketplace faces rough waters, with transactions plummeting by over 90% since the January 2022 peak, tracing back to FTX's collapse.
