Donald Trump‘s Trading Cards NFT has been mocked. But the former U.S. president has had the last laugh. He may even have taught the digital asset community a valuable lesson. All 45,000 Donald Trump Trading Card NFTs sold in 12 hours, and people have spent millions trading them on the secondary market despite a depressive NFT market environment.
Technically, the trading cards are 45,000 NFTs on the Polygon blockchain, priced at $99 each. That means $4.45 million has been raised. The collection’s creators also receive 10% of every sale on secondary markets like OpenSea. Thus far traders have spent $5.2 million (4,442 ether) trading the cards on OpenSea, netting creators an extra $520,000.
Like other brands with large fan bases, Trump pursued a strategy of linking each NFT to a potential benefit – known as a “utility” in the crypto world – a growing trend as fewer and fewer consumers seem interested in buying NFTs that are a little more than a digital portrait of a cartoon character.
Measured against current market conditions, the former president’s NFT campaign was a success. Despite the questionable design and predictable outrage surrounding the ever-controversial former commander-in-chief, thousands of people spent $99 on a digital trading card.
Trump not only endorsed the collection but touted it in advance as a “big announcement” and wrapped it in a sweepstake with several prizes, including a chance to meet the twice-impeached former president. There’s also a golf outing, Zoom calls, and autographed memorabilia to be won.
The former president is one of many public figures to use the sweepstakes formula successfully. This week, NBA legend Scottie Pippen sold an NFT collection of 1,000 in 77 seconds. Owners of the NFTs were automatically entered for a chance to win limited-edition sneakers or a trip to Pippen’s hometown.