NFTs
Trump to release fourth NFT collection because ‘the people want it’
The former president acknowledged that he once called cryptocurrency a “fraud.”
After the mixed performance of three NFT collections, former US President Donald Trump is preparing to launch a fourth.
On a interview with Bloomberg Businessweek on Tuesday, Trump said he plans to release 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 incredible. We had a year to sell, and it sold out in one day. The whole thing sold out: 45,000 of the cards,” he said. “I’ve done it three times, and I’m going to do it again because people want me to do it again. It’s an unbelievable spirit. It’s beautiful.”
Trump also acknowledged that he once called cryptocurrency a “fraud” and “a disaster waiting to happen,” but now believes that if the U.S. doesn’t adopt it, China or another country will dominate the industry.
“If we don’t do this, China will get it, and China will get it — or someone else, but probably China,” he said. “So we have a good foundation. It’s a baby. It’s a toddler 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 cards emerged in value.
According to According to 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 in February 2023.
Negotiation activity Trading on OpenSea has also been busy. Last week, total sales of Trump’s digital cards reached 272, with a trading volume of 32.27 ETH, equivalent to about $111,000.
The Series 2 set also recorded substantial growth on OpenSea. The NFTs generated a trading volume of 13.52 ETH, reflecting a 632% increase from the previous week, and sales increased to 552, a 667% jump. However, the minimum price of the second collection stand up at $66, about 30% below its peak of $93.
In December 2023, Trump released a third collection, “Mugshot Edition,” featuring 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 did not sell out. Data from Cryptoslam shows no sales between March and May, with the minimum average price hovering around $100.
Trump Trading Cards are digital collectibles featuring heroic images of Donald Trump. When first released, they offered perks like meeting Trump in person.
In May, the Trump campaign it started accepting 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 last quarter came from cryptocurrency donations.
Ripple donates $1 million to Republican PAC
Meanwhile, the industry is throwing its support behind Republicans after the party updated its platform to include pro-encryption language.
Ripple has donated $1 million to the Commonwealth Unity Fund to support John Deaton, who is running against Senator Elizabeth Warren, who is known for her anti-crypto stance. The Republican primary to determine who will challenge Warren is scheduled for September 3.
Ripple’s $1 million donation, made on May 15, was revealed on Monday archiving by James Murphy, who created the Commonwealth Unity Fund.
Deaton, an ardent 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 embroiled in a long-running legal battle with the SEC, which claims that XRP is an unregistered security. In July 2023, Judge Analisa Torres ruled ruled that some of Ripple’s secondary sales did not violate securities laws. However, it also ruled that direct sales to institutional investors constituted securities investment contracts.
Meanwhile, Trump has named Ohio Senator J.D. Vance as his vice presidential candidate. Vance’s 2022 financial disclosure revealed his Bitcoin holdings on Coinbase, valued between $100,001 and $250,000.
An old tweet Vance’s tweet explaining why cryptocurrency was gaining traction is going viral this week. “This is why crypto is taking off. The regime will cut off your access to banking if you have the wrong policy,” he tweeted in February 2022.
Cryptocurrency users are also sharing a resurfaced old video in which Vance criticizes SEC Chairman Gary Gensler’s approach to cryptocurrency regulation.
Known for his strong pro-crypto stance, Vance has voted to repeal SAB 121, criticized the Securities and Exchange Commission (SEC) over the Debt Box incident, and introduced a 2023 bill to protect cryptocurrency companies and gun manufacturers from discrimination.