A non-fungible token featuring former President Donald Trump is helping draw Wall Street attention to a small digital content company from northern New Jersey.
Shares of Creatd shot up more than 30% on Monday to about $5.50 only hours after the company announced it is selling a Trump NFT for 240 ethereum — or just over $1 million based on the latest price of the cryptocurrency.
The digital image features three photos of Trump, snapped long before his presidency, signing the bare chest of a woman described on Creatd’s site as an “Ivanka look-a-like.” The company obtained the images from the creditors of Penthouse magazine founder Bob Guccione, who died in 2010.
“They say a picture is worth a thousand words, and the Trump photographs are no exception,” Creatd founder Jeremy Frommer said in a statement. “We have waited a long time to sell these priceless images which were captured decades before they took on the significance and symbolism they hold today.”
Creatd, which employs roughly 50 full-time workers in Fort Lee, New Jersey, is hoping to cash in on the ongoing craze for NFTs. An NFT is unique proof of ownership over something intangible, such as a piece of digital art or video clip. The one-of-a-kind token is stored and protected using blockchain technology and smart contracts.
Buying an NFT means purchasing a hacker-resistant, public proof of ownership over a digital asset that can be traded or sold but cannot be duplicated or broken into smaller parts. The technology has emerged as a new way to collect everything from high-end art to sports memorabilia.
Laurie Weisberg, Creatd’s co-CEO, said the Trump NFT will help the company “continue exploring the NFT space and capitalize on the economic opportunities it can foster for the creator…
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