NFTs
Trump says he’s making more NFTs — though the last ones never sold out
Former US President Donald Trump said on Monday he intends 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 during a interview with Bloomberg on his initial NFT launch. “The whole thing sold out: 45,000 cards. I did that three times [and] I’m going to make another one because people want me to make another one.”
While a attempted murder against the former president during a rally in Pennsylvania on Saturday renewed interestthe performance of Trump NFTs has been marked by initial enthusiasm followed by sharp drops in value.
On December 15, 2022, Trump launched his first NFT collection featuring 45,000 digital trading cards priced at $99 each. The launch saw a increased interestwith the collection selling out quickly and prices at secondary markets increasing sharply the next day.
By April 2023, it became apparent that the market for Trump NFTs was not as robust as initially perceived, with supply exceeding duplication as prices plummeted.
Sales slowed and prices dropped shortly after the release of the second set, indicating that many buyers were more motivated by novelty than by the potential for serious investment.
A third release, called “Trump Digital Trading Cards: MugShot Edition,” was released in December last year, featuring 100,000 NFTs.
Released after Trump’s legal troubles in Georgiathe collection proudly displayed his photo taken four months earlier at the Fulton County Jail.
Despite the buzz and the initial increase in trading volume and floor price, the stock failed to reach its target and was not sold.
While the reception has been mixed, multiple Trump NFT drops represent a “milestone” for mainstream 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 fundamental NFT use case, and nothing less than Trump demonstrating all of them together proves the value of NFTs,” Tan said.
Trump has recently taken an interest in cryptocurrencies, saying he is “good” with the asset class during a Mar-a-Lago event for holders of his NFT collection in May. Last month, Trump also expressed his support for Bitcoin Miners.
“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 of his NFTs during the interview. “That was an eye-opener for me.”