Collectors are going wild for Donald Trump’s non-fungible tokens (NFTs) after the former president indicated he might step in and take over the vacant House Speaker position.
Big Rise in Trump NFT Sales
Buyers have pushed up sales from Trump’s second NFT collection by more than 350%, resulting in 54 transactions in just 24 hours, according to figures from NFT marketplace OpenSea.
Speaker Voted Out
Republican Kevin McCarthy lost his job as speaker of the House of Representatives on October 3 in an historic ballot that saw eight Republicans vote with 208 Democrats to remove him.
Anger at McCarthy siding with Democrats to get a bill through the House to avoid a partial government shutdown was mostly behind the ouster.
Trump to the Rescue
Trump, who is campaigning for the White House for the third time, said he might take up the job.
“A lot of people have been calling me about the speaker. All I can say is we will do whatever is best for the country and the Republican Party and people,” the former president told reporters in New York.
What Are NFTs?
NFTs are digital files containing anything but typically some form of art, such as drawings or music, and cannot be copied. They have a unique identifier that makes them immune to fraud and some can have immense value.
A piece of art by digital artist Pak, titled Merge, sold for a record $91.8 million in 2021, making it the most expensive NFT ever. Another artwork, The First 5000 Days by Beeple, went for $69.3 million and a piece called Clock sold for $52.7 million.
Why Does Trump Have NFTs?
Former president Trump has amassed a collection of NFTs that are mainly digital trading cards of him as cartoon characters in hero poses.
Last year, he made as much as $1 million from selling his NFTs, according to financial records obtained by the Citizens of Ethics watchdog in April.
Limited Number of Trump NFTs
Trump’s digital playing cards can fetch high prices because they’re limited to 45,000, and they come with a bonus: buyers stand the chance of winning prizes such as playing golf with Trump on one of his courses or having dinner at the former president’s Mar-a-Lago club in Palm Beach, Florida.
Melania’s Own NFT Collection
Trump’s wife, Melania, released her own NFTs earlier this year, titled The 1776 Collection and celebrating American landmarks such as the Statue of Liberty and Mount Rushmore.
Melania’s Pride
Melania said at the launch of her digital files, which sell on various NFT platforms for $50 each:
“I am proud to celebrate our great nation and remain inspired by the words contained within the Declaration of Independence.”
Another Run on Trump NFTs?
Trump is hoping to return to the White House, if he wins the presidential election in November next year. If he succeeds, it could spark more demand for Trump’s NFTs, just as the historic ousting of the House speaker did.
Trump failed to get re-elected after losing the 2020 election to Joe Biden, a result he initially refused to accept, calling the ballot “rigged.” It led to a deadly assault on the US Capitol after Trump suggested his followers march there in protest.
Trump’s Court Battles
But Trump faces many challenges on the road to the White House, not all of them related to the potentially heated political battle.
The ex-president is fighting off multiple federal and civil charges, including an alleged attempt to overturn the results of the 2020 election and fraud relating to his property businesses in New York — that trial is currently under way and the judge has already ruled that the Trump Organization committed wrongdoing.
Possible Hefty Fine
Trump may need all the NFT sales he can get, if he’s landed with a large fine by the New York court. Prosecutors are seeking a penalty of at least $250 million, and the judge has revoked some of Trump’s business licenses to operate in the city.
The prospect of Trump and his adult sons who work for him losing part or all of their business would be a further financial blow to the billionaire property mogul.
Potential Jail Time
Financial losses could be the least of Trump’s woes if he is found guilty in federal court and is jailed. But he could still govern from jail, if elected president again, because the US Constitution doesn’t prevent such a scenario.
Frontrunner Trump
Trump is the favorite to be nominated the Republican Party’s candidate in the 2024 presidential race, given his approximate 60% lead in the polls over rivals including Florida Governor Ron DeSantis, whose polling has plunged around 30 points to just 10% as his campaign falters.
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