The previous US President decided to branch out into the domain of non-fungible tokens. Donald Trump launched his official NFT collection, selling digital trading cards for 99 USD each. The launch saw a selection of 45,000 distinctive NFTs presenting him in a range of poses and costumes. Developers behind the collection decided to mint it on the Polygon blockchain and Trump himself pushed it through a range of promotions using his Truth Social, a social media that he created after being booted from Twitter, Facebook, and other digital platforms. Any of these could be purchased using either ETH or fiat currency and there is even a ticket for a gala dinner with the former president that costs around 4,500 USD, which comes from purchasing 45 NFTs at once.
Other perks include sweepstakes for all buyers, regardless of the amount they are willing to spend. Here, holders of NFTs could expect a call from Trump, cocktail hour at Mar-a-Largo, dinner with the former president in Miami, and many additional things that would make any Trump fan completely ecstatic. Many fans indeed reacted positively to the collection and its status right now is one of sold out. It is unclear if Trump and his team will mint additional copies but it is clear that these are more than popular among his supporters. Additionally, they show that despite the crypto winter period, the NFT market can still see major improvements in its trading volume and get brand new users, from esports players to voting Republicans, to adopt this blockchain technology.
Trump has not published his collection in a space that has not been explored recently by other celebrities. On the most basic tech level, NFTs are unique digital assets that are stored on a blockchain and can be bought, sold, and traded like other cryptocurrencies. However, unlike other cryptocurrencies, which are interchangeable and identical to one another – for example, one bitcoin is the same as any other bitcoin. On the other hand, NFTs are unique and cannot be exchanged for other NFTs or any other asset. This makes them non-fungible, hence the name “non-fungible token”.
One of the main reasons why NFTs have gained significant attention in recent years is that they allow for the creation and exchange of unique digital assets in a way that is secure, transparent, and verifiable. For example, an artist can create digital artwork and sell it as an NFT, allowing the buyer to become the owner of a unique, one-of-a-kind digital asset. The ownership of the NFT is recorded on the blockchain, which ensures that the owner can be easily verified and that the asset cannot be duplicated or counterfeited.
The NFT market has also attracted attention because it has the potential to revolutionize the way that digital content is bought and sold. Traditional methods of buying and selling digital content often involve centralized intermediaries, such as online marketplaces or content distribution platforms. These intermediaries can take a cut of the sale price and can also exert control over the content and how it is used. NFTs allow for the creation of decentralized marketplaces that can be accessed and used by anyone, anywhere in the world – but, in the case of the Trump collection, those are likely primarily in the US.
However, this still allows artists and creators to sell their work directly to buyers without the need for intermediaries, and it also allows buyers to own and control the assets they purchase in a way that is not possible with traditional methods of digital content distribution. Overall, the NFT market represents an exciting development in the crypto domain and has the potential to change the way that digital content is valued and exchanged. It also has the potential to create new opportunities for artists and creators to monetize their work and for buyers to own and control unique digital assets. But, for Trump and his team, the process is mainly akin to a novel type of fundraising.
Generally speaking, the easiest way to perceive the Trump collection is to see it as a form of fundraising. There are several ways that a US presidential candidate could potentially raise money for their campaign using NFT digital collectible cards. These include the ability to sell NFTs featuring the candidate’s image, slogan, or other campaign-related content: A candidate could create and sell NFTs featuring their image or campaign slogan, or other campaign-related content such as logos or quotes. These NFTs could be sold to supporters as a way to raise money for the campaign. Another option would be to offer NFTs as rewards for campaign donations: A candidate could offer NFTs as rewards for campaign donations of certain amounts.
For example, a candidate could offer a limited edition NFT to donors who contribute $100 or more to their campaign. Finally, a candidate like Trump could offer NFTs featuring exclusive content or experiences: A candidate could create and sell NFTs featuring exclusive content or experiences, such as behind-the-scenes access to the campaign, private meet-and-greets with the candidate, or other perks. The present Trump digital card collection basically does all of these already. However, That also includes a lot of negative baggage from previous Trump’s fundraising process, so the long-term success of the collection is not assured.
NFT Market Survival
There are a few reasons why the NFT market has remained active despite the ongoing crypto winter and negative publicity. First, NFTs have gained significant mainstream attention and adoption in recent years, with high-profile sales and auctions of digital art and collectibles making headlines. Trump’s collection is a perfect example. This has helped to establish the legitimacy of the NFT market and attracted new investors and collectors – now, these will include plenty of new adopters who support the GOP and Trump in particular.
Besides, NFTs still offer a unique way for creators to monetize and protect their digital assets, as they provide a verifiable way to prove ownership and authenticity. Finally, the decentralized nature of the blockchain technology that underpins NFTs have made them resistant to censorship and tampering, which has contributed to their popularity and durability. Thanks to all of this, while the NFT market has faced some challenges and controversies – and will continue to do so in the coming crypto winter months – it has continued to thrive and evolve due to the unique value it provides to creators and collectors.