Nfts
Trump to launch fourth NFT collection because ‘people want it’
The former president admitted to once calling cryptocurrency a “fraud.”
After the mixed performance of three NFT collections, former US President Donald Trump is preparing to release a fourth.
In a interview Speaking to Bloomberg Businessweek on Tuesday, Trump said he plans to launch another NFT collection in response to popular demand.
“I’ve done things like NFTs… and I noticed that 80% of the money was paid in crypto. It was amazing. We had a year to sell everything, and it sold out in one day. It sold out: 45,000 cards,” he said. “I’ve done it three times, and I’m going to do another one because people want me to do another one. It’s an incredible spirit. Beautiful.”
Trump also acknowledged that he once called cryptocurrency a “fraud” and “a disaster waiting to happen,” but now believes that if the United States doesn’t embrace it, China or another country will dominate the industry.
“If we don’t do it, China is going to take it and they’re going to get it — or somebody else, but most likely China,” he said. “So we have a good foundation. It’s a baby. It’s an infant right now. But I don’t want to be responsible for allowing another country to take over that sphere.”
Trump NFT Rally
Following the failed assassination attempt on Donald Trump at a Pennsylvania rally on Sunday, Trump’s digital trading cards jumped value.
According to For Magic Eden, Trump’s first NFT collection has doubled from $225 to $452 on the secondary market in the past seven days, but remains well below its all-time high of $769 from February 2023.
Trade activity OpenSea has also seen a lot of activity. Over the past week, total sales of Trump digital cards have reached 272, with a trading volume of 32.27 ETH, or about $111,000.
The entire series 2 also recorded substantial growth on OpenSea. NFTs generated a trading volume of 13.52 ETH, a 632% increase from the previous week, and sales jumped to 552, a 667% jump. However, the floor price of the second collection stands at $66, about 30% below its peak of $93.
In December 2023, Trump released a third collection, the “Mugshot Edition,” comprising 100,000 unique pieces. Launched in the wake of his legal troubles in Georgia, the NFT collection featured his mugshots taken at the Fulton County Jail.
Despite the buzz, the collection was not sold in its entirety. Data from Cryptoslam shows no sales between March and May, with an average floor price hovering around $100.
Trump trading cards are digital collectibles featuring heroic images of Donald Trump. When they first launched, they offered perks like the chance to meet Trump in person.
In May, Trump’s campaign began accept cryptocurrency donations. According to the the wall street journalNew data from the Federal Election Commission (FEC) showed that about $3 million of the $331 million raised by Trump’s campaign in the last quarter came from cryptocurrency donations.
Ripple Donates $1 Million to Republican PAC
Meanwhile, industry is backing Republicans after the party updated its platform to include pro-crypto language.
Ripple has donated $1 million to the Commonwealth Unity Fund to support John Deaton, who is running against Sen. Elizabeth Warren, who is known for her anti-cryptocurrency stances. The Republican primary that will determine who will face Warren is scheduled for September 3.
Ripple’s $1 million donation, made on May 15, was revealed on Monday deposit by James Murphy, who founded the Commonwealth Unity Fund.
Deaton, a staunch supporter of Ripple Labs, also led the XRP Army, a group of volunteers that supported Ripple in its legal battles with the Securities and Exchange Commission (SEC).
Ripple has been locked in a long-running legal battle with the SEC, which claims XRP is an unregistered security. In July 2023, Judge Analisa Torres governed that some secondary sales of Ripple did not violate securities laws. However, it also determined that direct sales to institutional investors constituted securities investment contracts.
Meanwhile, Trump has nominated Sen. J.D. Vance of Ohio as his running mate. Vance’s 2022 financial disclosure revealed his Bitcoin holdings on Coinbase, valued at between $100,001 and $250,000.
An old tweet Vance’s article explaining why cryptocurrency is gaining traction went viral this week. “This is why cryptocurrency is taking off. The regime will cut off your banking if you have the wrong policy,” he tweeted in February 2022.
Cryptocurrency users are Also sharing an old, resurfaced video in which Vance criticizes SEC Chairman Gary Gensler’s approach to cryptocurrency regulation.
Known for his strong pro-crypto stance, Vance voted to repeal SAB 121, criticized the Securities and Exchange Commission (SEC) over the Debt Box incident, and introduced a 2023 bill aimed at protecting crypto companies and firearms manufacturers from discrimination.