Earlier today, Former President, Donald Trump announced the launch of his own NFT collection. The NFT collection is making headlines and is being met with mixed reactions from both media and consumers.
The collection was produced and marketed by a company called NFT INT LLC. The company, which is not well-known in the Web3 space, is based in a shopping mall in Park City, Utah.
Trump officially announced the collection in a video that is going viral on Twitter:
Buyers of the NFTs will be entered into a contest to win Trump-related prizes like dinner with the Former President, golf at one of his courses, or a Zoom call with Trump.
At the time of writing, the entire collection has sold out, generating about $4.5 million in revenue. Sales of the collection can be followed on OpenSea.
Buyers can now purchase the Trump NFTs from other holders in the secondary market. The company producing the NFTs will earn 10% of all sales on the secondary market.
On the secondary market, the price of the NFTs dropped to about 0.05 ETH ($64) before climbing up to 1.5 ETH ($1,700). Because buyers can no longer buy directly from NFT INT LLC, they will need to pay a premium to existing holders.
With every secondary sale, NFT INT LLC will earn 10% of the fees (currently about $170 per transaction).
In a story that broke on Gizmodo, it was uncovered that the images used by the NFT collection (like the clothing Trump wears in some NFTs) have been scraped from the internet, either manually or by AI.
According to various accounts on social media, it appears a number of the images used by the Trump NFT collection were used without permission, from the producers of the collection taking screenshots of various images from Amazon, Walmart, and Shutterstock:
It is still unconfirmed whether these images were used with permission or not.
Are the funds going to Trump?
No, according to the website, the funds will be going to NFT INT, the company marketing them. NFT INT has purchased the licensing rights to DJT’s likeliness and it appears he is not directly financially benefiting from the sale of these NFTs.
What is NFT INT LLC?
NFT INT LLC is the company that has purchased the rights to use Donald Trump’s image for the NFT collection the former President is promoting.
Not much information exists on the company and insiders we spoke to in the Web3 and NFT industries don’t seem to know who they are.
According to public data, NFT INT LLC appears to be based in a shopping mall in Park City, Utah.
It is still unclear who owns NFT INT LLC.
How can you buy the Trump NFTs?
Now that the primary sale is sold out, buyers will need to buy an NFT from an existing holder. To do this, you must use OpenSea.
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