Donald Trump joins the fray with the sale of his own NFT for 240 ETH

An NFT featuring former U.S. President Donald Trump is helping to bring a modest digital content company based in northern New Jersey to the attention of market observers at Wall Street.

Creatd’s stock jumped more than 30% to around $5.50 on Tuesday, only hours after the firm revealed it would sell a Trump NFT for 240 ethereum — or well over $1 million at the current price of the cryptocurrency.

On Creatd’s website, the image features three photographs of Trump signing the bare chest of a woman described as looking like Ivanka. Creatd obtained the images from the creditors of Penthouse magazine founder Bob Guccione, who passed away last year.

“A picture, they say, is worth a thousand words, and the Trump images are no exception,” Creatd founder Jeremy Frommer said in a statement. “We have waited a long time to sell these magnificent photos, which were photographed decades ago before they acquired their current meaning and value.”

Taking advantage of the NFT boom

Creatd, which employs over 50 full-time staff in Fort Lee, New Jersey, is trying to capitalize on the current NFT trend. An NFT is a one-of-a-kind proof of ownership over an intangible object, such as a work of digital art or a video clip. Blockchain technology and smart contracts are used to hold and preserve the one-of-a-kind token.

Purchasing an NFT entails acquiring a hacker-resistant, public proof of ownership over a tradable or sellable digital asset that cannot be reproduced or broken down into smaller components. The technology has established itself as a new method of collecting everything from fine art to sports memorabilia.

Trump’s own socmed venture

The Trump NFT, according to Laurie Weisberg, co-CEO of Creatd, will enable the company to “continue investigating the NFT area and capitalizing on the economic potential it can promote for the creator community.”

Creatd’s market debut comes only days after Trump’s new social media venture’s stock price skyrocketed. Digital World Acquisition Corp.’s stock soared as high as 1,200% on Friday.

DWAC’s stock price subsequently fell 11% after two hedge funds — Saba Capital Management and Lighthouse Investment Partners — liquidated their positions. Still, as of late this month, DWAC stock was selling at around $70 per share, with a market valuation of more than $2.5 billion.

Image courtesy of Cointelegraph News/YouTube

Source: https://bitcoinerx.com/blockchain/donald-trump-joins-the-fray-with-the-sale-of-his-own-nft-for-240-eth/