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Trump NFTs are Back — Genuine Philanthropy or Cash grab Ahead of Elections?

Published June 30, 2023 5:23 PM
Teuta Franjkovic
Published June 30, 2023 5:23 PM
Key Takeaways
  • ‘The 1776 Collection’ NFTs, showcasing well-known American locations, are introduced by Melania Trump
  • The former first lady guarantees that the money will go to the charity Fostering the Future
  • Donald Trump already had his shot at NFTs last year when he sold two series of the NFT trading cards

In honor of Independence Day, former first lady Melania Trump has introduced a fresh line of non-fungible tokens (NFTs) based on famous American sites.

Trump Releases New NFT Ahead of July 4

“The 1776 Collection,” a six-piece line of NFT digital memorabilia including photographs from throughout the country, was introduced by Mrs. Trump on Fox Channel TV show .

The Statue of Liberty, Mount Rushmore, and the Liberty Bell are among the NFTs. Every item has “a patriotic-themed music track.” Each souvenir, according to the former first lady’s administration, represents a different piece of Americana and was created to honor the “foundations of American ideals.”

Since on a blockchain an NFT is perpetually and irrevocably minted, Trump said she was using “Solana,” an “eco-friendly proof-of-stake blockchain protocol,” in this instance.

According to Trump’s statement, the 1776 Collection of artwork draws inspiration from several iconic landmarks of the United States, which she had the pleasure of visiting during her time as first lady. She explained that each sculpture offers a glimpse into the history, culture, and patriotism of the United States.

“I am proud to celebrate our great nation and remain inspired by the words contained within the Declaration of Independence,” Trump asserted.

Humanitarian Cause or Pure Chase for Profits?

The 1776 Collection will be on sale through USA Memorabilia starting on June 29. Each NFT is valued $50. According to Trump, a part of the money raised will go to Fostering the Future, a Be Best project that works to provide foster kids with educational opportunities and scholarships. However, the latter was not stated on the actual NFT website.

Her Fostering the Future initiative is to provide computer science scholarships to youth leaving the foster care system and provide them with the academic background required to land technology-related professions, enabling them to become self-sufficient and valuable contributors to society.

In an  interview Trump stated that since leaving Washington, D.C., her dedication to the foster community has become stronger. She stated how, with the aid of her group, key allies, and the general public, she had been able to secure scholarships for kids in the foster care system.

However, even though the NFT cause seems very altruistic and humanitarian, it is hard to escape the fact that elections are around the corner and that the new technology here is used only to pick up points and possible votes from a different audience.

Trump for President

The former first lady, therefore, spoke about how she backs former President Trump’s bid for re-election and is looking forward to working with him in “restoring hope for the future and leading America with love and strength” during a second term in the Oval Office.

She appointed that if she were given the opportunity to hold the position of first lady once more in 2024, she would continue to give top priority to programs that promote children’s health and development and make sure they have the “support and resources they need to reach their full potential.”

“My husband can lead us toward greatness and prosperity once more,” she remarked. “He achieved tremendous success in his first administration.”

Trump, who is now leading the Republican field for the GOP presidential nomination, began his 2024 reelection campaign in November.

“He has my support, and we look forward to restoring hope for the future and leading America with love and strength,” she declared.

“My focus would continue to be creating a safe and nurturing space for children to learn, grow, and thrive,” the woman added. “If new issues crop up, I’ll take the time to research and comprehend their underlying causes.

Trump Family as NFT Veterans

Over the previous two years, the Trumps have built up a sizable history in the NFT industry. Representatives of Solana Labs, the company that created the Solana blockchain, then commented that Melania Trump’s release of her own NFT in December 2021 was the first of the pair and that it was not a “Solana-led initiative.”

Before Donald Trump introduced his well-known collection of digital trading cards in 2022, she published more NFTs, selling a total of 45,000 of them for $99 each on the Ethereum scaling platform Polygon. Each NFT was associated with potential extra benefits, such as an invitation to a group Zoom meeting or dinner with the former president.

Even though they were widely derided, the NFTs sold out in less than 24 hours and became the buzz of both the NFT community and general spectators, which increased their resale value. The NFTs had sold more than $20 million worth of Trump cards since their height when they first went on sale for nearly $1,000 each on secondary markets.

Increase in Sales of Donald Trump’s NFT Trading Cards

Trump subsequently issued 47,000 additional NFTs in April for $99 each, and the introduction of the second collection resulted in a sharp decline in the value of the initial NFTs.

According to OpenSea statistics , the collection has a total volume of 14,222 ETH and a floor price of 0.112 ETH at the moment. At least one card in the collection is held by 13,991 owners.

Recent analytics indicate that activity for the collection has increased. The volume has climbed to 1.08 ETH over the last 24 hours, a 74% increase. This popularity increase follows a period of decline in the prior weeks.

The collection of Trump Digital Trading Cards on OpenSea saw a stunning 300% rise on daily charts. The number of sales increased from 120 to 360, while the sales volume soared from 19 ETH to an astonishing 67 ETH.