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tl;dr
By popular demand, a brief look at the Trump NFT collection.
Market Snap
Market Wrap
That’s a quiet Saturday for risk markets. Note that Wall Street futures rolled on Friday, so the basis move is not exactly accurate, but close enough for our purposes.
Curious Cryptos’ Commentary — Trump’s NFT collection
It seems that the appetite for Trump’s NFTs (non-fungible tokens) is somewhat greater than expected.
And these are two examples of what has got so many people excited:
Scary stuff indeed.
…
There are 45,000 NFTs in this collection (45th President, geddit?), presumably all showing Trump in a Putin-like pose, imitation being the highest form of flattery and all that. Outside of Putin’s murderous circle of henchmen and sycophants, and the psychopathic dictator Kim Jong-Un, there cannot be anyone else in the world who thinks copying Putin in any shape or form is to be recommended.
Priced at $99, therefore yielding nearly $4.5mm in revenues, the whole collection sold out in mere hours. The floor price — the lowest priced offer for resale in the secondary market — is more than double the mint price.
There are some which have very rare characteristics, with the most expensive traded at 6 ETH, or nearly $7,500 at the time. The reason? This NFT has a digital autograph by Trump, just one of 72 to sport this feature. Secondary market volumes are outpacing all other NFT collections, at least for now.
Those who bought 45 freshly minted NFTs are guaranteed a ticket to a gala fundraising dinner with Trump, an offer that remarkably some people found too good to resist.
Naturally Twitter weighed in on the action. My choice quote is this from LilMoonLambo:
“Donald Trump is launching his NFT collection. Sell everything. The bear market won.”
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There were apparently several teething problems with the minting process, including a devastating claim that NFTs were minted to the wrong public addresses. Imagine paying $99 for your very own Trump NFT, only to find it has been gifted to someone else.
Or perhaps one might see that as a lucky break.
In another blow to the collection’s credibility, if it had any in the first place, is the claim that the admin wallet receiving the mint fees pre-minted 1,000 NFTs with a disproportionately high percentage of the rarest, and consequently the most valuable, attributes — especially the aforementioned digital signature.
Trump and foul play. Who’d have guessed.
Compliance Stuff
Trigger alert warning.
If any reader feels that they are “literally shaking” (a claim made by a Durham student who cannot cope emotionally — and certainly not intellectually — with a different point of view expressed by Rod Liddle) after reading my commentary, then I can only suggest you don’t read, or don’t shake. It’s up to you.
Cryptos — none of my commentary should be seen as a recommendation to get involved in cryptos. I might be talking complete nonsense without knowing it. Any crypto investments must be viewed as extremely high risk and treated as if they are worth zero until sold.
Stocks — just to make it clear this is not a stock advisory service. The CCC team does not provide financial advice in any way at all. Any reference to asset prices in this commentary are there to simply give context to the commentary and to give colour to the performance of certain stocks related to cryptos.
For the avoidance of doubt, this newsletter is not an incitement to buy cryptos, buy stocks, or even to sell family members in the hope of buying cryptos or stocks.
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