By Bob Gaydos

     Now it’s NFTs?

Trump NFTs

 Having just publicly confessed my bewilderment at the willingness, even eagerness, of many people to invest in cryptocurrency — a form of digital “money“ that is complicated to own and even more complicated to spend — I now learn there are such things as NFTs.

    Non-Fungible Tokens. 

    Who knew?

    Well, Donald Trump, of course. If it involves money and it’s hard to figure out exactly what is going on, you can be sure Trump is around. And so we have Trump Digital Trading Cards, which has introduced me to the world of non-fungible tokens.

      “Art” for crypto lovers.

      Having made a rather subdued announcement that he’s running for president again, Trump followed up with a “major” announcement: He is issuing limited edition digital trading cards containing his image in various heroic poses. No one is quite sure how many different poses there are. Supposedly there won’t be more than 20 copies of any one pose and other poses will have far fewer copies. To make them more valuable. They are yours to collect, “just like baseball cards.” Only $99 each. But you can only buy one hundred at a time.

       If memory serves me right, I used to get bubblegum and five baseball trading cards for a quarter. But that’s another story.

     NFTs are theoretically unique. That is, you cannot replace one of them with another one of the same and equal value. If you could, that would make them fungible.

     Now, right away, we have the issue of confusion. I’m pretty sure that “fungible“ is not a word with which many people are familiar. Ask the next five people you meet and see if I’m right.

    Something that is fungible is replaceable by another tangible object of similar value. You can exchange a wrinkled dollar bill for another dollar bill and it’s a fair trade, for example.

     What supposedly makes NFTs unique is that, like cryptocurrency, each has its own digital identity. In this case, a stamp. So, even though anybody can buy one of these trading cards for $99 in actual cash or the equivalent in ether cryptocurrency, and the image is exactly the same on all of them, each is supposedly a unique item.

     People have apparently paid thousands of dollars for a digital image — a non-fungible token — of some “unique” tweet or meme or other Internet creation, which they can then apparently proudly say they own. Like a Picasso.

     It’s an investment, I’m told. Aha. Here’s where I would attempt to explain how NFT’s work and why someone would want one, but I have read more than half a dozen columns from technical websites “explaining” how NFTS work and I am more confused than ever, which goes to my original point.

     If it’s too complicated and confusing for the average person to understand and if even those who do understand how it works call it “risky” as an investment, why would anyone want to get involved?

     For some, like Trump, it’s simple — to try to make some quick cash off people by playing on their emotions. It’s his go-to strategy. The images of Trump on his trading cards are amateurish, even clownish, for a reason. MAGAs have been conditioned to distrust the talented, the educated and to revel in the coarse. Stick it to the elite, the socialist leftists. Hence, the “Let’s go Brandon” signs in my neighborhood. So clever.

    The more the Trump cards are ridiculed by people with even average artistic sensibilities, the more the MAGAs will scoop them up. At least that’s what Trump is betting on. He’s betting on a feeling. He’s also throwing in an opportunity to have dinner with him at Mar-a-Lago as an enticement if you buy 45 cards in one shot. That’s $4,455.

   What any of these “cards” will be worth years from now is anyone’s guess. You can’t frame them and put them on the wall, although anyone is free to print out a copy of one of these cards and display it. They may turn into ether like the currency used to buy them.

   Still, as of now, it appears that Trump may have played his cards right and is laughing all the way to the offshore bank. The website announced that all 44,000 minted cards sold out in the first day. 

     Whether that’s real news or not and whether more cards will be minted remains to be seen. There is also the question of whether this was all a money-laundering scam for a down-on-his-luck ex-president and phony billionaire about to be indicted for sedition.

      Bottom line: If there’s money involved, there is no place that is too low for Trump to go. A wink and a nod and give me your dollar. 

     The same goes for power, as he demonstrated in the White House. He is beyond embarrassment.

      The embarrassment, sadly, belongs to us as a nation. We invested in a non-fungible fraud. We got our money’s worth.

rjgaydos@gmail.com

Bob Gaydos is writer-in-residence at zestoforange.com.