Nfts
Trump plans new NFT collection despite mixed results
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Former US President Donald Trump has announced plans to launch a fourth collection of non-fungible tokens (NFTs), although his previous collections based on the Polygon blockchain have had mixed success.
“We had a year to sell it, and it sold out in one day,” Trump told Bloomberg of his initial NFT launch. “It sold out: 45,000 cards. I did it three times.” [and] I’m going to do another one because people want me to do another one.
Despite a surge in interest following an assassination attempt at a Pennsylvania rally, the overall performance of Trump NFTs has seen initial enthusiasm followed by significant drops in value.
Trump’s first NFT collection launched on December 15, 2022, featuring 45,000 digital trading cards priced at $99 each. The collection sold out quickly, and prices spiked on secondary markets shortly after. However, by April 2023, it became clear that the market was not as strong as initially thought. The increase in supply and falling prices signaled that many buyers were more interested in the novelty than in making a serious investment. The second collection also saw a decline in sales and prices shortly after its launch, indicating a similar trend.
Last December, Trump released a third collection titled “Trump Digital Trading Cards: MugShot Edition,” featuring 100,000 NFTs. The release followed his legal troubles in Georgia and included his mugshot from the Fulton County Jail. While it initially generated buzz and increased trading volume, it ultimately went unsold.
Despite the varying success of these collections, Trump’s multiple NFT releases mark a notable step toward mainstream adoption. Oscar Franklin Tan, chief legal officer at Atlas Development Services and a key contributor to the Enjin blockchain, sees these releases as important in demonstrating the potential of NFTs. “Each one of these is a key use case for NFTs, and nothing less than Trump demonstrating them all together proves the value of NFTs,” Tan said.
Trump has shown a growing interest in cryptocurrencies, expressing a positive stance on the asset class at a Mar-a-Lago event for NFT holders in May. He also voiced support for Bitcoin miners last month. “What I really noticed was that everything was being paid for in cryptocurrency, in this new currency,” Trump noted during the interview. “That was an eye-opener.”
While previous collections have met with mixed success, Trump’s decision to launch a fourth collection signals his belief in the potential and continued demand for these digital assets. The announcement has already sparked curiosity and debate within the NFT community and among its supporters. Given the volatility of the NFT market and the changing trends, it remains to be seen how this new collection will fare. Will it attract serious investors or will it simply ride the wave of novelty and curiosity? One thing is for sure: Trump’s foray into the NFT space continues to be a talking point, reflecting broader trends at the intersection of politics, celebrity, and digital assets.
Trump’s repeated forays into the NFT market highlight the continued experimentation and interest in this emerging field. While his previous collections have had mixed performances, each release contributes to the growing discourse of NFTs in mainstream culture. As Trump prepares for his fourth launch, the NFT and crypto communities will be watching closely to see if this new collection can find lasting success.