The first official NFT collection from former United States President Donald Trump sold out in less than a day, despite criticism. Now, digital trading cards are at the top of secondary market charts, with at least a portion of revenues coming from NFT traders who purchased them as a joke.
This morning, Trump’s collection of 45,000 NFTs created on the Ethereum scaling network Polygon had fully sold out, resulting in a soaring secondary market. Currently, the cheapest-listed Trump NFT on the top exchange OpenSea begins at roughly 0.15 ETH, or nearly $180, but earlier this morning it was priced higher. Each NFT was first sold for $99.
In the past 24 hours, no collection has exhibited a greater secondary market trading volume than OpenSea’s 1,204 ETH, or around $1.44 million worth of deals. The Bored Ape Yacht Club ranks second in NFT sales with 427 ETH, or around $511,000 worth.
Trump’s NFT release on Thursday, following the disgraced ex-promise president’s of a “major announcement,” was widely criticized by both NFT fans and haters as a cash grab, and the latest scam from a someone whose firms have been often investigated (and convicted of) fraud. Even Trump’s supporters criticized the undertaking.
Data from CryptoSlam shows that the most expensive Trump NFT sale to date was for 6 ETH, or about $7,400 as of late Thursday. Only 0.16% of the NFTs show Trump’s digital signature, which is on the NFT.
Because of his royalty fee, the Utah-based company behind the Trump NFTs gets 10% of any second-hand sale on marketplaces (like OpenSea) that honor creator royalties. That’s a much higher rate than most large-scale NFT projects with thousands of assets, which usually choose a rate between 2.5% and 5%.
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