Former US President Donald Trump has made substantial strides in the NFT sector, according to a recent financial disclosure form given to the Office of Government Ethics. The filing, which reveals an astounding $1 billion in earnings from multiple sources, shows Trump’s ownership of CIC Digital LLC. This corporation receives licencing payments for exploiting Trump’s persona on nonfungible tokens (NFTs) and maintains a crypto wallet worth $250,000 to $500,000.
As a result of Trump’s debut into the NFT market, two sets of digital trading cards were released, and both had a significant impact. The first season, which premiered in December, sold out on the first day, a feat that the second season likewise accomplished. Despite a 60% decline in the price of the initial collection with the release of the second series, the “Trump Digital Trading Cards” have remained a desirable item on the NFT marketplace Opensea. With 47,000 assets in the collection, the second series, which sold for $99 each on the Polygon blockchain, garnered approximately $4.65 million in income.
The sales, which were executed through wrapped Ether transactions, brought in approximately $2 million in additional cash to the Polygon network. Despite a slump in the NFT market, Trump’s NFTs saw an increase in sales following his indictment earlier this year.Trump’s media interests include a $5 million to $25 million ownership share in Trump Media and Technology Group. Over $1 million in advertising revenue from a conservative live-streaming service is one of the group’s financial streams.
Trump’s numerous revenue sources include more traditional sources as well. He claimed $12.6 million in speaking fees, including $1.4 million from a live tour with an American journalist. He also declared huge gains from the sale of his Washington hotel, which totaled $284.5 million, and from the administration of his Dubai golf club, which brought him over $1 million. As the world of digital assets evolves, Trump’s involvement in the NFT market highlights the rising convergence of politics, celebrities, and cryptocurrencies. With his digital trading cards making waves in the NFT market, it remains to be seen how this enterprise will impact his financial endeavours in the future.