Donald Trump’s latest foray into the world of non-fungible tokens (NFTs) has stirred both financial success and sharp criticism. Just days after its release on August 27, Trump’s new NFT trading card collection, titled “America First,” raked in over $2.2 million in sales.
Quick Sales and a Gala Offer
The “America First” collection, which offered buyers a chance to dine with the former U.S. president, quickly gained traction. According to Polygonscan data, the collection had 22,360 mints and 1,210 holders as of August 29. Each NFT was priced at $99, leading to a significant revenue boost within a short period.
Trump had hinted at the release of this fourth NFT collection back in July, emphasizing the importance of the U.S. taking the lead in the crypto space. He argued that if the country ignored this emerging sector, China would likely dominate. With a total supply of 360,000 NFTs, the collection could potentially generate up to $35 million if fully sold out.
Criticism from the Crypto Community
Despite the strong sales, Trump’s latest NFT venture has not been without its detractors. Some community members have criticized the collection, labeling it as a “grift.” The criticism revolves around the perception that Trump’s involvement in the crypto space is more about personal profit than genuine interest or contribution. One user on X (formerly Twitter) echoed this sentiment, calling the collection a “grift” while acknowledging that it offered a better deal than previous launches, as buyers could receive shoes after purchasing a certain number of NFTs.
SEC Scrutiny and Speculation
The release of Trump’s NFT collection also coincided with a significant regulatory development. On August 28, just a day after the collection’s launch, OpenSea, a major NFT marketplace where Trump’s NFTs are available, received a Wells notice from the U.S. Securities and Exchange Commission (SEC). The notice suggested that some NFTs on the platform might be considered unregistered securities, prompting speculation within the crypto community.
Some believe the timing of the SEC’s move is linked to Trump’s NFT release, suggesting that it may have triggered the regulatory scrutiny. Bitcoin Ordinals collector Udi Wertheimer and the pseudonymous NFT collector known as “Franklin” pointed out the timing of events, with Franklin even suggesting that Trump’s collection might have played a role in “killing” the NFT market, as evidenced by the SEC’s notice to OpenSea.
