Former U.S. President Donald Trump is once again making waves, this time in the digital collectibles space, sparking controversy within the cryptocurrency community.
TRUMP DIGITAL TRADING CARDS on BITCOIN ORDINALS 🟧 The FIRST EVER Trump Trading Cards on Bitcoin. Read this thread ⬇️
— CollectTrumpCards (@CollectTrump) January 18, 2024
The Bitcoin Ordinals Unveiling
Donald Trump’s latest venture involves the launch of an exclusive series of digital collectibles hosted on the Bitcoin (BTC) blockchain. The unique twist? These collectibles come with a catch – they are non-tradable until December 2024, leaving enthusiasts both intrigued and perplexed.
The official Trump Cards account recently announced that collectors investing $99 for 100 “mugshot edition” NFTs, initially issued on the Polygon blockchain in December, will receive a special digital card, known as an “ordinal,” on the Bitcoin blockchain.
Despite the initial excitement, the venture faced criticism due to grammatical errors and unconventional capitalization in the announcement thread, raising eyebrows within the community.
The distinctive feature of these digital collectibles is that only 200 “one of one” Ordinals will be minted, aiming to prevent them from being viewed as “investment vehicles.” However, this limitation has paradoxically diminished their appeal as NFTs, discouraging potential buyers.
Trump’s NFT Journey Unveiled
This isn’t Trump’s first foray into the NFT space. In December 2022, the former president introduced the “Trump Cards” NFT collection, featuring digital cards depicting Trump in various iconic poses and scenarios. This collection, according to OpenSea data, has generated over $26 million in trading volume. Following this success, Trump launched a second series of Trump Trading Cards in August, selling out immediately. The second collection featured 47,000 tokens, each priced at $99, with limited one-of-one NFTs and autographed cards.
Speculation about the ownership of the NFT projects has been rampant since the initial release. The official Trump Trading Cards website clarified that NFT INT LLC, the company behind the project, had a paid licensing agreement with CIC Digital LLC, allowing the use of Trump’s likeness, name, and image. The website also stated that funds raised wouldn’t contribute to Donald Trump’s presidential campaign.
In an April filing, Trump disclosed earnings of up to $1 million from the sales of his digital trading cards. The filing, part of his financial disclosure with the Federal Election Commission, highlighted additional earnings from speaking engagements.
Make NFTs Great Again: Trump’s Ordinals Offer
Against the backdrop of controversy, Donald Trump’s mugshot, captured during an arrest in Georgia on racketeering charges, has become the centerpiece of the latest “mugshot edition” NFT collection. The NFTs, priced at $99 each, offer collectors a chance to secure a Trump Ordinals NFT by purchasing 100 digital trading cards.
Ordinals, inscribed on the Bitcoin blockchain by the platform Magic Eden, aim to leverage Bitcoin’s expected longevity. Despite the platform’s potential cessation, the inscribed satoshis on Bitcoin ensure enduring existence.
While Bitcoin Ordinals provide longevity, the process is costlier than traditional NFT transactions due to Bitcoin’s data limitations. The main mugshot collection follows a more economically efficient model, minted as ERC-1155 tokens on Polygon.
Despite the substantial price tag, over half of the Ordinals collection was claimed within hours of its release, reflecting the ongoing demand for Trump-related digital collectibles.
Trump Resorts to Bitcoin Ordinals Amid NFT Collection Challenges
In an attempt to revitalize a struggling NFT collection, Donald Trump, the former U.S. president facing legal challenges, is introducing Bitcoin Ordinals as a bonus. The NFT collection, previously promoted through unconventional means, including offers of dinners and pieces of Trump’s arrest suit, now presents a new angle with the introduction of Bitcoin Ordinals.