- Donald Trump’s first official NFT collection sold out in less than 24 hours with secondary sales dominating the NFT market.
- The collection was mocked by many NFT enthusiasts and haters alike.
- While some buyers bought the NFT owing to Trump being a celeb, others bought it as a joke.
Donald Trump’s official NFT collection has sold out in less than 24 hours despite all the criticism and backlash. The digital trading cards are leading in the secondary market and a part of the sales came from those who purchase the cards as a joke.
The 45,000 NFTs collection were minted on Polygon. The cheapest NFT on OpenSea starts at 0.15 ETH which is equal to $180. The initial price of the NFTs was $99 per piece.
In the past 24 hours, no other collection has made more secondary market trading volume. BAYC is at the second spot in terms of NFT sales.
The NFT launch was criticized by NFT enthusiasts as well as haters on the grounds that Trump’s companies have been investigated and found liable for fraud. Moreover, supporters of the former President also complained about the project.
Even after so many issues, the collection was sold in less than 24 hours. Over $4 was made in primary revenue and things are increasing in the secondary market now. Looks like certain supporters were impressed by Trump’s celebrity status and his promises regarding benefits such as a ticket to a Trump gala or meet-and-greet events.
I bought a Trump NFT yesterday because of lulz. I’m already getting offers 60% over what it cost to mint…we really still haven’t bottomed yet have we? pic.twitter.com/iyuZV9uYUs
— guinnessstache 🎄🎅 (@guinnessstache) December 16, 2022
In some cases, NFT freaks made the purchase because they found it funny or absurd, as confirmed by their tweets that read that they bought the NFT for memes or laughter. Others bought and flipped the NFTs for being a form of ‘degen play’ for bored traders.
Though not everyone who makes a purchase will get an opportunity to dine with Trump, still there’s an opportunity to earn some profit. Certain buyers want to see if the lulz are capable of surviving the secondary market demand after all the buzz.
The highest sale went for 6 ETH ($7,400), according to CryptoSlam. The NFT has Trump’s digital autograph, something depicted by only 0.16% of the NFTs.
The Utah-based firm that’s behind the NFTs will take a 10% cut of any secondary sale on marketplaces to honor creator royalties. This is a way higher rate as compared to many large-scale NFT projects which usually have a rate between 2.5% and 5%.