Nfts
Trump Says He’ll Create More NFTs, Even Though The Last Ones Were Never Sold
Former US President Donald Trump said Monday he plans to launch a fourth collection of non-fungible tokens (NFTs), despite the mixed results of his previous digital collectibles based on the Polygon blockchain.
“We had a year to sell it, and it sold in one day,” Trump said at a news conference. interview with Bloomberg on his initial NFT launch. “Everything 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.
While a assassination attempt against the former president at a rally in Pennsylvania on Saturday renewed interestThe performance of Trump’s NFTs was marked by initial enthusiasm followed by sharp drops in value.
On December 15, 2022, Trump launched his first NFT collection comprising 45,000 digital trading cards priced at $99 each. The release saw a increase in interestwith the collection selling out quickly and prices on secondary markets sharply rising the next day.
By April 2023, it became clear that the Trump NFT market was not as robust as initially thought. Supply has more than double as prices have fallen.
Sales slowed and prices fell shortly after the second box set was released, indicating that many buyers were motivated more by novelty than serious investment potential.
A third collection, called “Trump Digital Trading Cards: MugShot Editionwas released in December last year, with 100,000 NFTs.
Released after Trump’s legal troubles in GeorgiaThe collection proudly displayed his mug shot taken four months earlier at the Fulton County Jail.
Despite the buzz and an initial increase in trading volume and floor price, the stock did not quite hit its target and did not sell out.
While the reception has been mixed, the multiple Trump NFT releases represent a “significant milestone” for widespread adoption, Oscar Franklin Tan, chief legal officer at Atlas Development Services, a key contributor to the Enjin blockchain, told Decrypt.
“Each 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 recently warmed to cryptocurrency, saying it is “GOOD” with the asset class at an event at Mar-a-Lago for holders of his NFT collection in May. Last month, Trump also expressed support for Bitcoin Miners.
“What I really noticed was that everything was paid for in cryptocurrencies, in this new currency,” Trump said of his NFTs during the interview. “It was an eye-opener.”
Edited by Stacy Elliott.