Trump’s Fourth NFT Collection Hits $2 Million in Sales; Trade Restricted Until 2025

0
15
  • Trump launched his fourth NFT series, “The America First Collection,” on August 27.
  • The collection saw over 22,000 sales in one day, generating more than $2.17 million.

Former U.S. President Donald Trump has introduced his fourth series of non-fungible tokens (NFTs) titled “Series 4: The America First Collection.” Launched on August 27, this latest venture into the digital asset space has already generated significant interest and financial returns, reflecting Trump’s growing engagement with the cryptocurrency community.

Within the first 24 hours of the release of this collection, more than 22,000 sales were made on the Polygon network. For instance, given that each NFT is going for $99, this early engagement has helped generate more than $2.17 million. However, this marks only 6% of the total available number of NFTs, 360,000. If all tokens in this series are available in the market, the total revenue could be more than $35 million, showing this collection’s high earning capacity. 

Trading Restrictions Impact Secondary Market Activity for Latest Trump NFTs

However, the NFTs from this series are not yet available for trading on secondary markets, even though they sold well in the first few hours. Collectors and investors will have to wait until January 31, 2025, when the cards become tradable, potentially impacting their resale value and market activity.

Similar to the other three collections, the “America First Collection” shows Trump in different positions wearing different outfits while strengthening his position in the NFT space. These pieces are in line with the earlier series whereby the images depicted can be of interest to the collectors and enthusiasts. 

Trump’s foray into the NFT market was in December 2022, with his first drop. While the first series rose in the floor prices, the subsequent collections experienced losses, showing that the NFT market is rather unstable. This average performance has not stopped Trump from coming up with new releases, as the fourth series is still showing success to date.

Trump Embraces Cryptocurrency and Shifts Away from Earlier Digital Asset Skepticism

Trump’s recent interest in the NFT and other cryptocurrencies shows a clear change in his stance toward digital assets that he once frowned upon. Aside from releasing several NFT collections, Trump has also embraced cryptocurrency as a tool in his political endeavors. He has recently started accepting campaign donations in cryptocurrencies, which shows the further embrace of digital assets by his brand. 

According to recent financial disclosures, chas made over $7 million from his NFT sales to date. This tremendous income proves that he has been profitable in his investments in the digital asset market. 

The release of Trump’s collection comes at a time when the legal framework surrounding NFTs is rapidly changing. OpenSea, the platform that hosts Trump’s new collection, received a Wells Notice from the U. S. Securities and Exchange Commission (SEC) in the past few weeks. This notice suggests that the SEC has coordinated the enforcement action against OpenSea due to the possibility that some NFTs listed on the platform are securities.  Trump has previously criticized the current leadership of the SEC and has promised to fire Chair Gary Gensler if he gets elected president.

          No spam, no lies, only insights. You can unsubscribe at any time.


Credit: Source link

ads

RELATED ARTICLESMORE FROM AUTHOR

LEAVE A REPLY

Please enter your comment!
Please enter your name here