Donald Trump’s Latest Business Venture in the NFT Market

Trump’s Intriguing Foray into NFT Trading Cards

In a bold move last month, former US president Donald Trump revealed his new collection of digital trading cards for sale. The cards, introduced in a typical Trump fashion on his Truth Social platform, are priced at $99 (€90) each. Customers who purchase 15 or more cards will receive a physical card with a fragment of the suit Trump wore during his debate with Joe Biden.

The Trump Collection: Past and Present

This is not the first time Trump has dabbled in selling these cards. The original 2022 collection sold out rapidly, generating a substantial $4.5 million (€4.1 million) in sales. Trump’s sales tactics have also included promoting the ‘God Bless the U.S.A. Bible’ for $60 and using his famed Fulton County Jail mugshot to sell coffee mugs, T-shirts, and more trading cards.

The Rise and Fall of NFTs

While the concept of NFT collectors cards made sense as a value proposition in 2022, their current popularity is uncertain compared to the rapid sell-out of Trump’s previous collection. NFTs had a boom and subsequent bust in 2022, with their market capitalization plummeting drastically over the past few years.

The Decline of NFT Market

The market for NFTs peaked in 2021-2022 but has since dwindled significantly, with sales plummeting and many NFTs remaining unsold. Unlike cryptocurrencies like Bitcoin, NFTs lack functional use-cases beyond ownership of digital images, leading to a decline in their value and popularity.

The Trump NFTs: A Speculative Asset

Despite Trump’s massive fan base and media influence, his latest venture into NFT trading cards remains a speculative asset with no intrinsic value or cash flow. The success of Trump’s cards may hinge on his political future, with a potential victory driving up their prices.