President Trump’s NFTs Sell Big—Why They’re The Future Of Campaign Financing
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December 16, 2022 10:08 am
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President Trump recently dropped his own NFT collection.
As we previously reported, the collection consisted of 45,000 digital trading cards that retailed for $99 each at the time of the initial market release.
The cards guaranteed certain perks if you bought 45 or more of them—including dinner galas with the President, rounds of golf, and a zoom call with the President.
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Buying a single NFT would enter the buyer into a raffle to win certain perks. The NFTs can be sold in the secondary market, potentially for more than the original buyer paid—some already have.
According to The Block, “The mint may have netted Trump almost $4.5 million. Creator fees set by OpenSea also give a 10% royalty on secondary sales, meaning the project will already have accrued almost $80,000 from trades to date.
Some items are already reselling for more than $7,000. An NFT collector called Nanitor bought a greyscale NFT of Trump in a Christmas hat for 6 ETH (or $7,200).”
Could we be looking at the future of campaign financing?
Kobie Thatcher points out that while some are decrying the move and poking fun at the recent NFT drop, it was actually quite a clever way to raise money:
Trump's 'major announcement' might have seemed a bit strange to some, but he's now sold out of all 45,000 Trading Card NFTs at $99 each.
That's $4,455,000 made in one day to put towards his campaign.
— Kobie Thatcher (@KobieThatcher) December 16, 2022
President Trump's major announcement is a total game changer just in time for Christmas!
The President just released an incredible collection of digital trading card NFTs, check out these incredible designs and get yours before they're sold out! https://t.co/z0tHuRAtgs
— Nick Adams (Alpha Male) (@NickAdamsinUSA) December 15, 2022
Others were not so convinced of the 45th President’s latest move…
Notable conservative pundits decried the announcement and the NFT drop as silly and out of character, but is raising money in an immutable, direct, and grassroots way really all that silly?
Again, Trump is estimated to have raised $4,500,000 in a matter of hours through digital collectibles that promise things like dinners, golf games, and galas.
Are these pundits behind the times?
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Brutally honest comments on Trump NFTspic.twitter.com/tzd0aBllxJ
— Citizen Free Press (@CitizenFreePres) December 16, 2022
Wait a minute. These NFTs give you access to a community. A dinner with Trump. Golfing with Trump. Zoom calls. One-on-one meetings. Autographs. These aren’t baseball cards. This is a SimpDAO! pic.twitter.com/WYRx6NIu99
— Eric Wall (@ercwl) December 15, 2022
Finbold provided more data on the drop:
As the reselling continues, there are currently 14,125 owners of the former president’s NFT cards, 31% of which are unique owners, as the average price of a single digital card stands at 0.1032 ETH or about $125.
Further breaking down the results, 63% of Trump NFT cardholders own a single former president’s NFT, 24% of them hold two or three cards, whereas 0.6% or 91 owners currently own more than 51 items from Trump’s digital card collection.
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