NFTs
Trump plans new NFT collection despite mixed results
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Former US President Donald Trump has announced his intention to launch a fourth collection of non-fungible tokens (NFTs), although his previous collections based on the Polygon blockchain have met with mixed success.
“We had a year to sell it, and it sold out in one day,” Trump told Bloomberg about his initial NFT launch. “The whole thing sold out: 45,000 of the cards. I did that three times.” [and] I’m going to make another one because people want me to make another one.”
Despite renewed 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 was released on December 15, 2022, with 45,000 digital trading cards priced at $99 each. The collection quickly sold out, and prices spiked on secondary markets soon after. However, by April 2023, it became clear that the market was not as strong as initially thought. The increased supply and falling prices signaled that many buyers were more interested in novelty items than serious investments. The second collection also saw a drop in sales and prices shortly after its release, indicating a similar trend.
Last December, Trump released a third collection called “Trump Digital Trading Cards: MugShot Edition,” featuring 100,000 NFTs. This release followed his legal troubles in Georgia and included his mugshot from the Fulton County jail. While it initially generated buzz and a spike in trading volume, it ultimately failed to sell out.
Despite the varying success of these collections, several Trump NFT releases highlight 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 significant in demonstrating the potential of NFTs. “Each of these is a fundamental NFT use case, and nothing less than Trump demonstrating all of them together proves the value of NFTs,” Tan said.
Trump has shown 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 expressed support for Bitcoin miners last month. “What I really noticed was that everything was paid for — I would say almost everything was paid for in crypto, in this new currency,” Trump said during the interview. “That was an eye-opener for me.”
While previous collections have met with mixed success, Trump’s decision to launch a fourth collection indicates his belief in the continued potential and demand for these digital assets. The announcement has already generated curiosity and debate within the NFT community and among his supporters. With the NFT market volatile and trends shifting, it remains to be seen how this new collection will fare. Will it attract serious investors or simply ride the wave of novelty and curiosity? One thing is certain: 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 ventures into the NFT market underscore the continued experimentation and interest in this emerging field. While the performance of his previous collections has been mixed, each release contributes to the growing narrative of NFTs in popular culture. As Trump prepares for his fourth release, the NFT and cryptocurrency communities will be watching closely to see if this new collection can achieve lasting success.