I cover breaking news for Forbes
Updated Apr 18, 2023, 03:34pm EDT
Former President Donald Trump announced Tuesday he is releasing a second round of superhero-style digital trading cards with cartoonish images of him at $99 apiece, as the 2024 GOP candidate looks to keep raising money and rally his base after his historic indictment earlier this month.
Business Key Facts
Trump’s “Series 2” digital cards became available Tuesday, Trump announced on his social media platform Truth Social, saying he is releasing them “due to the great success” of the previous round in December, though that release was mocked even by his allies.
The NFTs include images of the former president as a playing-card king-of-hearts, carrying a sword and signaling a heart sign with his hands, as well as a rock-and-roll Trump in a full-leather suit and sunglasses, and one of him grilling hot dogs and hamburgers with American flag pins.
Some of those cards will be one-of-a-kind, meaning the purchaser will be the only person with a copy, while others will be made in limited edition sets, with no more than 10 copies of any single card in existence.
Trump also announced a sweepstakes program, offering a chance at a private dinner at his Mar-a-Lago Florida estate for people who buy 47 cards (valued at $4,653 total)—an apparent reference to hopes of becoming the 47th U.S. president.
Business Surprising Fact
Trump also announced the digital playing cards on Facebook and Instagram—his first posts on Instagram since January 5, 2021, one day before the riots at the U.S. Capitol. Meta, the parent company of both platforms, reinstated Trump’s accounts on the social media sites three months ago, following a two-year suspension over public safety concerns following the January 6 insurrection.
Business Key Background
The former president unveiled the first batch of limited-edition NFTs on December 15, nearly a month after he announced his 2024 presidential campaign, and one day after teasing a “major announcement” on his Truth Social account—though the release prompted a fair bit of mockery even from GOP allies, including his former advisor Steve Bannon and former national security advisor Michael Flynn, who said he would fire “immediately” whoever advised Trump to release the NFTs. That first batch of digital cards included 44,000 NFTs listed for sale at $99 each, including some depicting him as a superhero and as a film star. They sold out in less than a day and appeared to generate nearly $4.4 million in total revenue, though the former president’s financial disclosure forms show he personally made between $100,000 and $1 million from the digital cards, through a licensing agreement with a limited liability company called CIC Digital LLC. Trump also made more than $5 million from speaking engagements through a similarly named company called CIC Ventures LLC, according to the financial disclosure (CIC stands for commander in chief, the New York Times reported).
Business Big Number
47,000. That’s how many digital cards were minted in the second batch this week, including 46,000 available for sale on collecttrumpcards.com. Purchases are limited to 47 digital cards per customer, if they are using a credit card in the transaction. People who buy them with cryptocurrency can purchase up to 100 cards.
Despite Trump’s NFTs selling out in less than a day in December, the value of digital assets, including NFTs and cryptocurrency, has plummeted in recent months, with the trading volume of NFTs taking a nosedive last year, when they dropped roughly 97% between January and September 2022, according to data obtained by Bloomberg. NFT trading volume has since recovered slightly, rising in December and January and hitting a seven-month high to start off the year.
Under the program, buyers obtain a limited license to each card, allowing them to view, display and publish them, but with restrictions on commercial uses.
Business Further Reading
Get the best of Forbes to your inbox with the latest insights from experts across the globe.
Send me a secure tip.
I am a Boston-based reporter. Before joining Forbes, I covered the environment, local government and the arts for a small-town newspaper on Nantucket. My previous work includes NPR, WBUR, WCAI and Nantucket Today. I am a graduate of the University of Massachusetts, Amherst, with a degree in political science. Email me at email@example.com
Read MoreRead Less