Donald Trump just sabotaged his old NFT collections with his new NFT collection
Crypto critic Donald Trump is taking yet another plunge into NFTs, offering up 100,000 based around the mugshot taken after he was charged with attempting to overturn the 2020 election.
The massive influx of digital trading cards has dented the price of Trump’s previous NFT collections. Shortly after the “Mugshot” collection was announced on Tuesday, the floor price of the original Trump NFTs released a year ago fell by nearly 50%, before rebounding slightly. The lowest-priced card from his second series of non-fungible tokens fell nearly 30% after the release of the newest collection, according to data from NFT Price Floor.
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This third collection is backed by the Polygon layer-2 blockchain, with each NFT initially priced at $99. Buyers who shell out almost $5,000 to purchase 47 cards in a single transaction—if reelected, Trump would become the 47th president—also will get a piece of the suit Trump wore when the mugshot was taken, as well as an invitation to dinner at his Palm Beach resort, Mar-a-Lago, according to the project’s website.
While prices of the NFTs in the previous two launches eventually plummeted, each collection sold out and funneled millions of dollars to the 45th president and the company that spearheaded the project, NFT INT LLC.
The Republican presidential candidate has been openly skeptical of crypto in the past, once calling it “a very dangerous thing,” but that criticism hasn’t stopped him from capitalizing “bigly” on NFTs. A government filing from earlier this year revealed that Trump initially received nearly $300,000 for licensing his image to NFT INT LLC.
The former president also has about $2.8 million in cryptocurrencies in a digital wallet and earned $4.87 million in licensing fees for the sale of his NFTs, CoinDesk reported, citing government filings.
