Donald Trump’s NFT Success Unveils Former President’s Crypto Ventures

Former U.S. President Donald Trump has made significant strides in the NFT market, as revealed in a recent financial disclosure form submitted to the Office of Government Ethics. The disclosure, which unveils a staggering $1 billion in earnings from various sources, highlights Trump’s ownership of CIC Digital LLC. This company acquires licensing payments for using Trump’s persona on nonfungible tokens (NFTs) and holds a crypto wallet valued between $250,000 to $500,000.

Two sets of digital trading cards have been released as a result of Trump’s entry into the NFT market, and both have had a big influence. The first season, which debuted in December, sold out on the first day, a feat that the second season also accomplished. Despite a 60% drop in the price of the original collection following the unveiling of the second series, the “Trump Digital Trading Cards” have remained a hot commodity on the NFT marketplace Opensea.

The second series, sold for $99 each on the Polygon blockchain, generated over $4.65 million in revenue with 47,000 assets in the collection. The sales, conducted by wrapped Ether transactions, brought around $2 million worth of new funds into the Polygon network. This success came despite a downturn in the NFT market, with Trump’s NFTs experiencing a spike in sales after his indictment earlier this year.

In addition to his NFT ventures, Trump’s media pursuits include an ownership stake in Trump Media and Technology Group, valued between $5 million and $25 million. The group’s revenue streams include over $1 million in advertising revenue from a conservative live-streaming site.

Trump’s diverse income sources also extend to more traditional avenues. For speaking engagements, he claimed getting $12.6 million in fees, including $1.4 million from a live tour with an American journalist. He also disclosed large earnings from the sale of his Washington hotel, which totaled $284.5 million, and from the administration of his Dubai golf club, which brought him over $1 million.

As the world of digital assets continues to evolve, Trump’s involvement in the NFT market underscores the growing intersection of politics, celebrity, and cryptocurrency. With his digital trading cards making waves in the NFT space, it remains to be seen how this venture will influence his financial pursuits moving forward.

Image source: Shutterstock


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Binance Plans 1,500 to 3,000 Layoffs due to DOJ Probe, Reported CNBC

The biggest crypto exchange Binance is reportedly planning to layoff between 1,500 and 3,000 employees by the end of the year, according to an anonymous source cited by CNBC on July 14, 2023. This move is seen as a response to an ongoing probe by the U.S. Department of Justice and SEC.

 Binance CEO Changpeng Zhao (CZ) repsonse the news swiftly in tweet, stating

As we continuously strive to increase talent density, there are involuntary terminations. This happens in every company. The numbers reported by media are all way off. 4 FUD.

CZ also disputed the reported layoff numbers, calling them “way off” and attributing the inflated figures to FUD (Fear, Uncertainty, and Doubt) spread by the media.

Despite the layoffs, CZ emphasized that Binance is still in the process of hiring. He highlighted the company’s ongoing efforts to increase “talent density” and expressed optimism about the future, noting that the media’s continued focus on Binance underscores its significance in the crypto industry.

The layoffs occur as Binance faces severe regulatory obstacles. The exchange has been under attention from both the Commodity Futures Trading Commission and the U.S. Securities and Exchange Commission due to allegations of improper treatment of client funds and running an unlicensed exchange in the country.

Both regulatory challenges and Binance’s rapid growth have been defining features of the company’s history. The exchange begin its operation in 2017, then quickly rose to prominence and expanded to become the largest cryptocurrency exchanges in 2019.

There have previously been speculations of layoffs at Binance as a result of a sharp decline in trade volume and regulatory concerns.

On June 6, 2023, Binance co-founder He Yi vehemently denied that the whole BNB chain team will be fired.

On June 1, 2023, according to unidentified sources and a 20% reduction estimate, Crypto writer Colin Wu first broke the news of possible layoffs. CZ responded by calling these allegations “FUD” and highlighting the fact that Binance has maintained a profit since its fourth month of operation, even through two crypto winters.


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