Former US president Donald Trump has launched his second non-fungible token (NFT) collection, featuring 47,000 digital cards minted on Polygon. The former president’s first NFT collection launched in mid-December 2022 and sold out within hours. The cards’ value performed well on secondary markets and surged following Trump’s indictment by a Manhattan grand jury on 30 March 2023. Trump was indicted with 34 felony counts of allegedly falsifying business records related to ostensible payments to adult film star Stormy Daniels. Trump has pleaded not guilty and his legal team has requested a spring 2024 trial.
Despite selling out rapidly, Trump stated on Truth Social that he maintained the initial card prices for the new collection. Cards are priced at $99 each and are intended as “collectible items for individual enjoyment only, not for investment vehicles.” Each card features a “unique pre-assigned rarity.” Customers who purchase 47 of Trump’s NFTs will have the opportunity to dine with the former president.
In a Truth Social post, Trump said: “I am pleased to inform you that, due to the great success of my previously launched digital trading cards, we are doing it again, Series 2, available right now.” He also pointed out that he kept the card prices consistent despite their success in the secondary market. “I hope everyone notices, [and] I’m sure the fake news won’t, that I’m leaving the price of the trading cards the same as last time, even though they are selling for many times more (it’s called the market!), [and] sold out almost immediately, because I want my fans [and] supporters to make money, [and] have fun doing it,” Trump said.
According to nftpricefloor.com, Series 1 Trump cards have a floor price of approximately 0.17 ether on 18 April, or $353.58 using current ethereum (ETH) exchange rates. This gives the Series 1 Trump NFTs a market cap of about $15.91 million or 7,650 ether, and ranks the collection at #68 among top NFT compilations. In contrast, the Bored Ape Yacht Club (BAYC) NFT collection holds the #1 position in terms of floor value, valued at $1.1 billion, or 530,500 ether.
The NFT craze has taken the world by storm, and Trump is not the first public figure to launch a collection. In March 2021, Twitter CEO Jack Dorsey sold his first-ever tweet as an NFT for $2.9 million. In October 2021, musician Grimes sold a collection of digital art for nearly $6 million.
However, the NFT market has also faced criticism for its environmental impact. The energy consumption required for NFT transactions has raised concerns, with some estimates suggesting that a single NFT transaction can have the same carbon footprint as a European resident’s electricity consumption for a month.
The launch of Trump’s second NFT collection has generated mixed reactions. Some have praised the former president for his entrepreneurial spirit, while others have criticised him for capitalising on his political influence. The NFT market remains highly speculative, and it is unclear whether Trump’s NFTs will maintain their value over time.
In conclusion, the launch of Donald Trump’s second NFT collection has generated significant interest in the cryptocurrency community. While the NFT market remains highly speculative, Trump’s collection has demonstrated the potential for public figures to capitalise on their influence in the digital world. However, the environmental impact of NFT transactions remains a concern, and it is important for the industry to address these issues in a sustainable manner.