Donald Trump breaks silence on Instagram to promote his NFT — but critics call the art ‘despicable’ | US News

Donald Trump has released a second batch of non-fungible tokens (NFTs) as the 2024 presidential campaign heats up.

These surreal digital artworks depict former presidents as George Washington, chess pieces, and lion wranglers…but not at the same time.

A total of 47,000 NFTs were on offer, priced at $99 (£80) each – and the collection sold out within 24 hours.

But their arrival led to a sharp drop in the value of the first collectible NFTs.

Trump promoted his new series on Instagram, his first post on the social network since a ban was lifted following the Capitol riots.

In a video, he described the NFT as “beautiful” and “the greatest trading card in history” — an “incredible work of art” that depicted him as a rock star and a truck driver.

But not everyone is overwhelmed by the quality of the non-fungible tokens, with some describing the artwork as “vile.”

Anyone who bought 47 NFTs – which cost around $4,700 (£3,800) – was eligible to dine with Trump at his Mar-a-Lago estate in Florida.

Trump is estimated to have made $1m (£800,000) from the sale of his first collection – and he may reap a similar windfall from the second.

Molly Jane Zuckerman, opinion editor at cryptocurrency news site Blockworks, told Sky News: “Everyone who says the NFT market is dead is wrong.

“The fact that this particular collection is selling so quickly proves that people are still willing to buy anything if it’s an NFT.”

All of this comes weeks after Trump Becomes first former U.S. president to face criminal charges.

Earlier this month, he appeared in court and pleaded not guilty to 34 felony counts. He is accused of using hush money to cover up the alleged affairs.

How do these NFTs work?

NFT will take the world by storm in 2021.

“Irreplaceable” actually means that each work of art is unique, or that a fraction of it has already been created.

An example of a fungible item is a bill – if Kate gave Gemma a ten, Kate would not be upset if she later received a different bill.

Airline tickets are a good example of something that is irreplaceable. While they may look the same, each has a different seat number, class and destination. If Kate gave Gemma a first-class ticket to Sydney, she might not be happy if she was given an economy ticket.

When it comes to Donald Trump’s NFTs, there are no more than 10 copies of each trading card design — some are unique.

This scarcity could lead to an increase in the value of the digital art — but considering there are now 92,000 Trump NFTs in total, there could be downward pressure on prices.

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