A recent filing has revealed that former US President Donald Trump earned up to $1 million from sales of his NFT collection. This development proves that even the most unlikely individuals can profit from the booming NFT market.
Trump’s revenue through NFTs results from a licensing deal between CIC Digital LLC, his company, and NFT INT LLC, the entity responsible for creating the collection. This agreement allows for the sale of digital assets, such as NFTs, that feature images and videos of the former president.
Trump Earns Over $100,000 From Sales Of Self-Branded NFTs
According to a report filed at the Government Ethics Office of the United States, Donald Trump, the former president, has earned up to $1 million from the sales of his self-branded NFTs. The 45,000 digital collectibles, released in December, and featured the likeness of the 45th president, were sold out within a day.
In response to the news of the former president’s arraignment in New York, the collection’s value surged over the last few weeks. The filing submitted on Friday shows that Trump holds various positions, including “president, manager, treasurer, and secretary” at CIC Ventures LLC and CIC Digital LLC.
The official Trump Trading Cards website states that NFT INT LLC, the company behind the NFT project, paid for a licensing agreement to use Trump’s likeness, name, and image through CIC Digital LLC. Income earned by CIC Digital LLC is listed in the filing as “NFTs,” bringing in up to $1 million.
CIC Ventures LLC received over $5 million from speaking engagements. Data from NFT data aggregator CryptoSlam revealed that the project had generated over $19 million in sales since its launch.
However, the number of active wallets containing Trump NFTs has decreased by 13% to 208 in the past week. According to recent OpenSea data, the majority of NFT collectors, approximately 65%, possess only one NFT.
Another 23% of collectors hold between two and three NFTs. Nevertheless, several wallets hoard more than 100 NFTs.
Furthermore, 1,000 NFTs have yet to be released to the public and are currently held in a Gnosis Safe Wallet. This multi-signature smart contract wallet type necessitates multiple users’ approval before any asset transfer can occur.
Trump’s NFT Collection Raises Eyebrows
Meanwhile, an advocacy group has argued that the details regarding how Trump managed to earn as much as $1 million from the NFT collection should be more transparent. The website for the sale of the digital collection states that none of the profits are being directed toward Trump’s political activities.
However, the filings suggest that Trump has personally benefitted from a substantial portion of the profits. OpenSea states that secondary sales of NFTs require a 10% creator royalty fee, and the highest bid for a Trump NFT is 10 ETH, or approximately $20,000.
The majority of offers are in the 0.3 ETH range, which is roughly $630. Following the project’s release, Twitter users and cryptocurrency enthusiasts have been keen to draw financial connections, uncovering proof of stolen artwork and dubious wallet addresses.
Another claim is that NFT INT LLC has a registered address at a UPS Store in Park City, Utah, despite being incorporated in Wyoming.
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