As a seasoned analyst with over two decades of experience in the financial markets, I find myself intrigued by the latest move made by former U.S. President Donald Trump. His foray into the world of NFTs is not just another celebrity-backed collection; it’s a strategic play that leverages his unique position within American politics and the growing crypto community.
Previously elected President of the United States, Donald Trump, has introduced a fresh lineup of digital trading cards in the form of Non-Fungible Tokens (NFT). This is his fourth venture into this innovative format. The series, titled “The America First Collection,” comprises 50 distinctive digital cards, showcasing various images, among which is one depicting Trump holding Bitcoin. The announcement for this release was made on Trump’s Truth Social platform on August 27.
The latest NFT collection is being promoted as a chance for collectors to own a piece of American historical memorabilia. Each card retails for $99, and those who buy 15 or more will receive a real-life trading card. These tangible cards will contain pieces from the suit Donald Trump wore during his debate with Joe Biden in the elections. Five randomly signed cards by Trump will be included among these physical ones. Purchasing 75 cards grants access to a gala dinner at Trump Country Club, Jupiter, Florida.
Trump emphasized that purchasing these items is straightforward, requiring just an email address and either a credit card or cryptocurrency. Furthermore, he referred to himself as the “Crypto President,” indicating his growing significance within the realm of digital currencies.
Trump’s New NFT Collection Sells 22K Units in One Day, Worth Over $2.17M
The collection has received positive feedback with more than 22K units sold on the Polygon network within a single day of its launch and the sales value being more than $2.17 million. However, out of the total of 360,000 NFTs, only 6% have been sold out. Depending on the sales of the entire collection, it can easily sell for over $35 million. The NFTs will not be tradable on secondary markets until January 31, 2025.
Concurrently, the Securities and Exchange Commission (SEC) in the U.S. is mulling over regulatory actions against Non-Fungible Tokens (NFTs), potentially impacting the market. This situation arises due to former President Trump’s announcement that he might dismiss the current SEC chairperson, Gary Gensler, should he win re-election. Recently, Trump has been more engaged within the crypto community, a shift in his stance, as he now allows campaign contributions in digital currencies with this new collection.
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2024-08-30 17:11