Donald Trump’s NFT Grift
Donald Trump has launched a hilariously pointless NFT. Donald Trump announced the NFT’s on Truth Social – his personal social media platform. The reaction has largely been bemusement. The launch video was hilarious (possibly unintentionally so).
The NFT’s cost$99 but are sold out, possibly on artificially constrained supply.
But, what does a $99 get you? Each NFT features a cartoon image of a svelte looking Donald Trump. The images variously depict Trump as superman, in hunter garb, or in a dashing tuxedo. These are billed as being collectable trading cards. Precisely why a cartoon image of Donald Trump, which you could simply download for free, is collectable is unclear. However, the NFTs promise entry into a sweepstakes to win prizes, such as a private dinner with Donald Trump himself.
And, what is in it for Donald Trump? The obvious is that Donald Trump is selling a nonsense product for $99. This product likely cost him very little and the overheads are miniscule. The NFTs are likely extremely profitable.
The NFTs are likely mainly for Donald Trump’s diehard fans. And, this is likely part of the point. The NFTs are indeed a sales funnel. And, they are a sales funnel that itself generates money. They give Donald Trump a database through which to sell other products.
The NFT database also gives Donald Trump a detailed campaign database. This amplifies his existing database. A campaign database will be extremely useful should Donald Trump enter the 2024 presidential race. And, whereas many campaign database cost time, and labor hours, to collect, the NFT database makes money (as opposed to costs money).
It is easy to see why Donald Trump gains from the NFT. We can see why some of the diehard fans like the NFTs. But, these NFTs are also likely an extremely bad investment.