Donald Trump’s Son Eric Reveals the Teased Project is Digital Real Estate
Eric Trump has spent 18 years at The Trump Organization, where he now serves as Executive Vice President.
- NFT real estate isn’t new, with the earliest sale happening in 2017.
- Eric Trump and his brother, Donald Trump Jr., oversaw the sale of 14 apartment buildings in 2018.
- Further details of the project remain closely guarded.
The son of U.S. presidential candidate Donald Trump, Eric Trump, hinted at a new project after expressing his enthusiasm for crypto and DeFi. After much speculation, he revealed to the New York Post that the project involved digital real estate.
Although details were scarce, Eric Trump did not mention NFT real estate, instead emphasizing the potential of blockchain technology in lending. He explained that this innovation could streamline loan approvals, allowing decisions based on math rather than policy and reducing the process from months to minutes.
Eric Trump’s Experience
Some question Eric Trump’s experience in crypto, noting that he only became vocal about his support after Donald Trump positioned himself as a champion of the industry. Before this, Eric and Donald Trump Jr. focused on managing key aspects of their father’s real estate empire.
In 2018, Eric and Donald Trump Jr. oversaw the sale of 14 apartments within the Trump Organization’s buildings. Eric gained particular attention for combining three luxury high-rise apartments in Manhattan, purchased from his father at a bargain price.
He paid approximately $3.3 million for properties valued at over $10 million, per ProPublica.
The Beginning of NFT Real Estates
The first NFT real estate sale occurred in 2017 when Michael Arrington, founder of TechCrunch and Arrington XRP Capital, sold an apartment in Kyiv, Ukraine. The NFT purchase included ownership transfer paperwork, marking a significant milestone in the intersection of real estate and blockchain technology.
In 2022, two more NFT homes were sold. One was auctioned for 210 ETH (~$557k), a 4-bedroom, 2.5-bathroom house in Gulfport, Florida. The other property sold for 175,000 USDC, with the title transferred via NFT to the buyer’s Ethereum address, significantly speeding up the title transfer process.
Eric Trump’s Possible Solution with Digital Real Estate
While NFT real estate isn’t new, Eric Trump’s statements hint at a possible different focus of his upcoming project.
The project, as described, may involve a system for instant loan approvals and rejections rather than converting current real estate holdings into blockchain-based assets like NFT real estate.
Eric Trump did not explicitly mention putting properties on the blockchain for sale. Still, he did reference “digital real estate,” describing it as “equitable” and “collateral” that people could instantly access. This suggests the project may be focused on a loan-related system rather than traditional real estate sales.
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