Tuesday, December 5, 2023
HomeBusiness InnovationDonald Trump Reportedly Earns Upto $1 Million From Sales Of NFTs

Donald Trump Reportedly Earns Upto $1 Million From Sales Of NFTs

Key Highlights

  • Donald Trump earned between $100,001 and $1 million from the sales of Trump-branded NFTs.
  • The Trump NFT project faced criticism for alleged stolen art and shady wallet addresses.

Former US President Donald Trump has reportedly earned between $100,001 and $1 million from the sales of Trump-branded non-fungible tokens (NFTs). The filing, submitted by the US Office of Government Ethics, shows that the 45th president holds the position of “manager, president, secretary and treasurer” at CIC Digital LLC and CIC Ventures LLC, which were involved in the creation and sale of the NFTs.

The NFT collection, which features digital collectables of the former president’s likeness, was released in December and sold out within a day.

Trump NFT Sales Raise Concerns Over Declining Wallets and Revenue Distribution

The Trump NFT collection has generated over $19 million in sales since its inception, with a 10% creator royalty fee on secondary sales. On-chain data from NFT data aggregator CryptoSlam shows that:

  1. The project has done well, with over 45,000 digital collectables featuring the former president’s likeness.
  2. However, over the last week, the number of active wallets holding Trump NFTs has declined 13% to 208.
  3. Data from OpenSea also reveals that 65% of collectors hold only one NFT, while another 23% hold between two and three.

The recent filing revealed that CIC Ventures LLC earned more than $5 million from speaking engagements. Although the official website of Trump Trading Cards claims that none of the revenue from the NFT collection is going to support Trump’s reelection campaign, the filing suggests that Trump may have personally profited from the earnings.

It’s not entirely clear how Donald Trump was able to do this, but it is believed that he may have received a share of the revenue from the licensing agreement between NFT INT LLC and CIC Digital LLC.

The Trump NFT Project Generates Millions In Sales But Faces Criticism

The NFT project has faced criticism on social media and from crypto enthusiasts, with some claiming that the project is built on stolen art and pointing to shady wallet addresses.

Journalist Kurt Eichenwald discovered that the LLC has an address at a building in Cheyenne, Wyoming, that has reportedly been linked in the past to shell companies and global scandals.

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