Former president Donald Trump is once again turning to non-fungible tokens (NFTs) as a means of fundraising for his campaign (and possibly to help cover his legal fees). The former president released a line of digital trading cards in December 2022, known now as the Donald Trump NFTs. This decision sparked plenty of interest but drew considerable criticism as skeptics called attention to the struggling NFT market. While Trump would pocket $3.9 million from his first digital trading card sales, Fast Company reported that these items quickly lost their value, noting that “demand for the Donald Trump Digital Trading Card is weaker than his recent poll numbers.”
Now, Trump is again venturing into the volatile market with another round of NFTs that closely mirror his first line. Unfortunately for any aspiring collectors, this new collection has already sold out. However, that doesn’t mean these new digital trading cards will do any better in retaining their value.
The New Donald Trump NFTs: What to Know
Trump announced the release of his new NFT line via a Truth Social post yesterday. In it, he urged prospective investors to “have fun” and to visit CollectTrumpCards.com, the go-to page for all Trump-themed NFT-related merchandise. Much like the first line of Donald Trump NFTs, this collection features bizarre images of the former president that don’t always make sense. A good example of this is the image of Trump sitting on a motorcycle while playing an electric guitar, wearing what appears to be American flag leather pants. The website provides the following description explaining what the NFTs are:
“These are just like baseball cards, but you collect them digitally, on your computer or phone. All you need is an email address and a credit card or crypto to start collecting 1, 10, 20 or 100. Instantly become part of a new league of collectors.”
All that is technically true, but as noted, it’s already too late to purchase one. That may have something to do with the fact that the web page promises that anyone who purchased 47 NFTs would receive the chance to have dinner with the former president at his Mar-a-Lago, Florida estate. In a follow-up post on Truth Social, Trump claimed that the NFTs had sold out and raised approximately $4.6 million. As of now, no further statements have been issued to confirm this.
Sold Out
Some aspiring NFT investors may be disappointed that they can’t purchase one of the Donald Trump NFTs sold for $99 apiece. However, that may prove to be a lucky break later on. As noted, Trump’s first NFTs did not retain their value, and this time appears to be no different. Newsweek reports the Trump trading cards have been collapsing in value recently, stating that “the latest release has seen a notable drop in a few hours, despite an increase in sales activity.”
As InvestorPlace has reported, NFTs provided convenient vehicles for campaign fundraising during the 2022 midterms. Clearly, Trump has also found a way to use them to his benefit. While NFTs have proven lucrative for him, they are not likely to generate long-term value for the investors who have rushed to buy them. And the CollectTrumpCards.com page pretty much admits this in a disclaimer nestled near the bottom:
“Trump Digital Trading Cards (NFTs) are intended as collectible items for individual enjoyment only, not for investment vehicles.”
So, the answer to the question: “Will the Trump trading cards make NFTs great again?” remains a resounding no.
On the date of publication, Samuel O’Brient did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
