Donald Trump's NFT Success Unveils Former President's Crypto Ventures
Zach Anderson Jul 15, 2023 10:26
Former U.S. President Donald Trump has made significant strides in the NFT market, as revealed in a recent financial disclosure form submitted to the Office of Government Ethics.
Former U.S. President Donald Trump has made significant strides in the NFT market, as revealed in a recent financial disclosure form submitted to the Office of Government Ethics. The disclosure, which unveils a staggering $1 billion in earnings from various sources, highlights Trump's ownership of CIC Digital LLC. This company acquires licensing payments for using Trump’s persona on nonfungible tokens (NFTs) and holds a crypto wallet valued between $250,000 to $500,000.
Two sets of digital trading cards have been released as a result of Trump's entry into the NFT market, and both have had a big influence. The first season, which debuted in December, sold out on the first day, a feat that the second season also accomplished. Despite a 60% drop in the price of the original collection following the unveiling of the second series, the "Trump Digital Trading Cards" have remained a hot commodity on the NFT marketplace Opensea.
The second series, sold for $99 each on the Polygon blockchain, generated over $4.65 million in revenue with 47,000 assets in the collection. The sales, conducted by wrapped Ether transactions, brought around $2 million worth of new funds into the Polygon network. This success came despite a downturn in the NFT market, with Trump's NFTs experiencing a spike in sales after his indictment earlier this year.
In addition to his NFT ventures, Trump's media pursuits include an ownership stake in Trump Media and Technology Group, valued between $5 million and $25 million. The group's revenue streams include over $1 million in advertising revenue from a conservative live-streaming site.
Trump's diverse income sources also extend to more traditional avenues. For speaking engagements, he claimed getting $12.6 million in fees, including $1.4 million from a live tour with an American journalist. He also disclosed large earnings from the sale of his Washington hotel, which totaled $284.5 million, and from the administration of his Dubai golf club, which brought him over $1 million.
As the world of digital assets continues to evolve, Trump's involvement in the NFT market underscores the growing intersection of politics, celebrity, and cryptocurrency. With his digital trading cards making waves in the NFT space, it remains to be seen how this venture will influence his financial pursuits moving forward.
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