Donald Trump’s fourth NFT collection is doing either great or terrible a day after its debut. It just depends on how you look at it.

It is no small feat that the collection of digital trading cards – which feature the former president in a wealth of imaginative poses and costumes– has generated over $2 million in sales since its debut on Tuesday in a weakened NFT market.

CryptoPunks, by far the most valuable and prestigious NFT collection, achieved less than half that volume in the last 24 hours ($754,000, according to NFT price floor).

But given the enormous size of the collection, relatively few people have opted for Trump’s latest crypto strategy. Only about 20,700 of the “America First Edition” digital cards have been ether Scaling network polygonfrom a potential 360,000.

For most (if not all) NFT collections, selling just 5.7% of the total inventory after about a day would almost certainly be considered a pretty dismal failure.

When Trump first appeared on the NFT scene, his first two collections sold out quickly. However, they were much smaller, consisting of 44,000 and 46,000 NFTs respectively. Then last December, the Republican presidential candidate – or at least the company that is allowed to use his images – decided to go bigger and offered 100,000 NFTs in his third collection. Only about half of them were sold.

When Trump finally sells his latest NFT project, the project will ultimately raise $35.6 million, at $99 per trading card. While the project’s actual yield is significantly lower (so far), it’s certainly no small feat.

These funds will not be used to finance the entrepreneur’s presidential campaign, the project website says, but they can be spent to fulfill the various bonus perks offered to NFT buyers, such as attending a gala dinner with Trump, gold Trump-branded sneakers and a piece of the suit Trump wore during his recent debate with President Joe Biden.

This latest batch of Trump NFTs also cannot be resold on secondary marketplaces until January 31, 2025, a similar restriction that applied to the last collection.

This caution may not have been misplaced. On Wednesday, the popular NFT marketplace OpenSea launched, where Trump’s new collection currently listed– revealed that recently received a Wells Notice by the US Securities and Exchange Commission (SEC).

This means, in the words of the company’s co-founder and CEO Devin Finzer, that the agency is planning a lawsuit “because it believes the NFTs on our platform are securities.”

Edited by Andrew Hayward