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Despite incredulous mocking and criticism, the first official NFT collection from former United States President Donald Trump has sold out in less than a day. Now the digital trading cards are topping secondary market charts, and at least some of the sales came from NFT traders who bought in as a joke.
Trumpās collection of 45,000 NFTs minted on Ethereum scaling network Polygon had completely sold out this morning, fueling a rising secondary market as prices climbed. Currently, the cheapest-listed Trump NFT on leading marketplace OpenSea starts at about 0.15 ETH, or nearly $180, but had been higher earlier this morning. The NFTs initially sold for $99 apiece.
Over the past 24 hours, no collection has put up more secondary market trading volume, as OpenSea shows 1,204 ETHāor about $1.44 million worthāof trades. The Bored Ape Yacht Club is second with 427 ETH, or about $511,000 worth, in NFT sales.
Trumpās NFT rollout on Thursdayāfollowing the disgraced ex-presidentās promise of a āmajor announcementāāwas widely mocked by both NFT enthusiasts and haters alike as a cash grab, and the latest grift from someone whose companies have frequently been investigated (and convicted) of fraud. Even Trumpās supporters complained about the project.
Even so, Trumpās NFT collection sold through in less than a day, netting over $4 million in primary revenue, and now secondary market sales are climbing. In some cases, supporters may have been lured in by Trumpās celebrity, or the promise of potential perks for holders including meet-and-green events and a ticket to a Trump gala.
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 šš (@guinnessstache) December 16, 2022
But in some instances, it appears that NFT enthusiasts bought in because they thought it was funny or ridiculous, as evidenced by tweets suggesting that they had purchased a Trump NFT ābecause of lulz,ā āfor the memes,ā or āfor the culture.ā Others wrote of buying and flipping Trump NFTs as being a ādegenā play for bored traders.
āIāve spent $99 on much dumber shit,ā wrote one Twitter user. āDidnāt win a dinner date, [though].ā
When your friend claims to be a degen but wonāt sweep the Trump NFT floor with you pic.twitter.com/qKyBq6MunH
— alexjm šæ the blue roo š¦ (@alexjmingolla) December 16, 2022
Not every buyer will get a ādinner dateā with the ex-president, but at least so far, thereās been an opportunity to profit from a flip. Weāll see whether the ālulzā are strong enough to sustain secondary market demand beyond the initial hype, however.
According to data from CryptoSlam, the highest Trump NFT sale so far went for 6 ETH, or about $7,400 at the time late Thursday. The NFT features a digital autograph from Trump, which just 0.16% of the NFTs depict.
Thanks to his royalty fee, the Utah-based company behind the Trump NFTs takes a 10% cut of any secondary sale on marketplaces (like OpenSea) that respect creator royalties. Thatās a much higher rate than most large-scale NFT projects with thousands of assets, which often pick a rate between 2.5% and 5%.
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