- Trump’s fourth NFT collection raised $2 million but faces slower uptake than previous releases.
- OpenSea faces SEC action, impacting Trump’s NFT project amid rising regulatory scrutiny.
As a seasoned crypto investor with a knack for predicting market trends, I find myself intrigued by the latest developments in the world of digital assets, particularly Donald Trump’s NFT collection. The former President’s fourth series of digital trading cards has raised $2 million, which is certainly an impressive feat. However, it’s important to note that this is just a fraction of its potential earning if all 360,000 cards are sold.
Approaching the 2024 November election, it’s clear that former President Donald Trump is ramping up his involvement with digital currencies like cryptocurrency.
Apart from receiving Bitcoin donations and garnering attention at the Bitcoin Conference, Trump recently introduced a new collection of NFT digital trading cards as part of a fourth series.
Trump NFT collection: Boon or bane?
This new collection features 50 exclusive cards, including one of Trump holding Bitcoin [BTC].
Some lucky collectors could obtain a tangible card featuring a fragment of the suit worn by him during the presidential debate with Joe Biden, while other enthusiasts might be extended an invitation to an extravagant Gala Event.
Trump is presenting these NFTs as a distinct chance to acquire a slice of American heritage, merging collectible memorabilia from politics with the surge in digital assets.
Taking to X (formerly Twitter), Trump remarked,
Trump NFT shows remarkable results
Even though the NFT market has been slow, Donald Trump’s latest digital trading card collection has managed to rake in an impressive $2 million in sales since its launch.
Over the specified period, this recent collection featuring the ex-president in various imaginative positions has surpassed CryptoPunks in terms of total sales.
However, only 5.7% of the 360,000 cards have been sold, a modest start compared to previous releases. The current collection, though much larger in scale, is experiencing slower uptake.
If every card gets bought eventually, the project stands a chance of accumulating about $35.6 million, but it hasn’t reached that amount just yet.
There’s ongoing debate in the market about whether the newly launched fourth NFT collection is thriving or encountering difficulties a day after its release.
Community weighs in
Providing answers to the same, crypto analyst TylerD said,
Donald Trump has earned approximately $1.7 million from the sales of his newest NFTs within just 24 hours. Specifically, these are Donald Trump Digital Trading Cards from the America First Edition series, and more than 17,000 of them have been created and sold during this brief timeframe.
However, he acknowledged,
“Just 4.7% of the available 360,000 Non-Fungible Tokens (NFTs) have been minted so far. At the moment, these NFTs cannot be traded or exchanged until January 31, 2025.”
Additionally, Trump’s recently successful NFT collection could potentially be eclipsed by impending regulatory hurdles.
Is a threat on the horizon?
August 28th saw OpenSea, the marketplace hosting Trump’s digital trading card collection, announce they had been issued a Wells Notice by the United States Securities and Exchange Commission (SEC).
The following statement suggests that the Securities and Exchange Commission (SEC) might initiate a lawsuit, claiming that Non-Fungible Tokens (NFTs) traded on OpenSea’s platform are categorized as securities.
This growth in development brings forth substantial worries regarding Trump’s future NFT ventures and the overall NFT market, as regulatory oversight becomes more rigorous.
As expected, OpenSea co-founder and CEO Devin Finzer put it best in defense when he said,
“It’s surprising to see the SEC taking such a broad action against creators and artists, but we are prepared to take a stand and resist.”
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2024-08-29 20:08