Good day everybody,
Welcome to CryptoGod-1's blog on all things crypto. Today I will be doing a quick write up on the recent announcement by Trump regarding his NFT collection, with some very interesting information having come to light about it. This is all thanks to the power of blockchain, and here I will reveal exactly what has happened. This all came to light from two posts I have viewed on Reddit in the CryptoCurrency subreddit, and both these posts can be found here:
Also if you would like to check out my recent post on the Trump NFT's, you can find that here: Trump mocked over NFT drop
Trump NFTs Growth
First thing is first, the NFTs have been a huge success for Trump. It would be impossible to say otherwise. They sold out, and have seen major growth in prices over the past couple of days. On Opensea.io they are being traded for huge profit, with the image below showing the analytics of the past couple of days and trajectory for the collection.
They are all the rave right now, and even the biggest sceptics wouldnt bet against the Trump Card Collection at the moment. All looks excellent for those who got in early and purchased one of the NFT's for the "low" price of $99 with plenty of profit to be made. However, all might not be as transparent as it seems when it comes to this collection.
Mysterious Owner of 1,000 Trump Cards
There is a wallet which is the owner of 1,000 Trump Cards. These were minted for the fine sum of 80 ETH worth of cards, meaning they hold roughly 2.22% of the entire Trump Card Collection. There is nothing suspicious in this alone, as often there are Whales in all sectors of the crypto and NFT space. Where things begin to get unusual is the fact that none of them have been sold or even moved. To be in a position to own 80 ETH worth of NFT's one would have to assume this is a crypto savy person, but to hold all of those NFT's in the one wallet seems ludicrous at best, making it a prime hacking target for one. This was brought to light by reddit user Trixteri in his reddit post here.
Beyond the fact it owns more than 3 times the next biggest holder, the wallet has seen some unusual activity. Within the wallet there are the #1-1000 of the Trump Cards, $500k of wETH, and $300 of MATIC. Not only this, the wallet has been receiving $30-200 of wETH sent to it every few minutes/seconds. This is a sign that it is likely on the receiving end of royalties, but this wallet has not directly created any other collection and was only created 14 hours before the Trump Collection Launched. Sure it could be a linked address for royalties, but it is getting some very high volume which has only begun since the Trump NFT collection was released. In the image below, once again thanks to reddit user Trixteri, we can see the wallet address from the owner of the 1,000 NFT being shown as one of the two wallets collecting the royalties on the collection. Both the addresses received the 10% royalty fee of the sale for 0.5075 wETH, getting roughly 5% each.
What This Means for the Collection
Well the first thing to note is this is all thanks to Blockchain that we can even be in a position to discuss what this wallet means. In any other situation we would not have this data so easy to hand, so it is a great demonstration of the ability of the blockchain. This address is a Gnosis safe, meaning it's a multisig wallet. What this basically means is that the wallet was only made for this collection, and must have been made by someone within the Trump inner circle or payrole. It is the only logical answer given the wallet is likely earning the royalties while also owning so many NFTs. What's disappointing about this revelation is that it shows how the NFTs did not in fact sell out, and part of their hype could have easily been generated by Trump (or his people) purchasing a large portion of the collection for himself.
It takes away a lot of the legitimacy of the collection, which alright this is NFTs and Crypto so who cares once we are making money right? Maybe so, but one would have to question what will happen if this wallet decides to dump a large amount or all of its NFTs for sale. As noted by Reddit user Trixteri:
"To me it seems as though this multisig will sweep all of the cheap/floor price cards and then dump them all after they hit a specific price. Any regular person would sell at least a few when the price pumps, especially if they have a giant amount like 1k"
We would certainly hope not, as the last thing the NFT space needs is another prominent person creating a rug pull. Whether the wallet will look to sweep up more at a cheap price or hold and wait to execute a large sale remains to be seen. Either way, the power of investigative analysis by Reddit users has helped bring this to light and shows nobody can be trusted when it comes to their NFT collections. Not even a former President of the United States of America.
Reddit Community Response
Many have flocked to the post to give their views, with the general consensus that this is in fact another rug pull in the making. Some find it amusing, while others have added more levels to the others project by questioning the legitimacy of the artwork itself.
These claims about the art being stolen and copyrighted has also been claimed on Twitter, with whalechart.org, an account with over 200k followers, stating how the art work for the trading cards is stolen and watermarks they forgot to remove have been found on the NFTs. What a mess and a shambles of a thing to happen to a former president in their NFT collection, although it is quite amusing to witness.
Whatever your thoughts on NFTs, Trump, and this collection in general, it seems like there will be some interesting and fun days ahead regarding the Trump Card Collection.
Have a great day and keep away from those Trump NFT's if you value your money and can see the warning signs of a rug pull in the offing.
Peace. CryptoGod-1.
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