Trump NFT trading cards typically do the worst in March, but a late-month surge tied to the indictment of former US President Donald Trump by a New York grand jury has pushed prices up and increased trading activity for the set.
Trump NFTs rises 404%
The cheapest listed NFT in the collection, or the floor price, is currently $1,023, a 24 percent increase from the previous day’s price, according to data from NFT Price Floor. The floor price on Thursday night nearly hit a record high, but fell short of the $1,079 reached in February after the news of Trump’s charge surfaced.
Nevertheless, sales have skyrocketed since last night. The number of secondary trades has surged by 404% in the last 24 hours, as reported by CryptoSlam. The website brags that $184,000 worth of Trump NFT was sold the day before.
There have been reports that Trump faces more than 30 charges for fraudulent business dealings. The indictment is still sealed, but the charges are expected to be made public soon. Trump is the first sitting or former president of the United States to be criminally indicted.
Like to its illustrious namesake, Trump NFTs have risen and fallen during their brief existence.
The original $99 Trump NFTs featured Trump in a variety of outfits and included bonus features like a video chat with the former president. On Ethereum’s Polygon scaling network, 45 thousand NFTs were issued.
Traders bet on Trump’s comeback
The cryptocurrency community initially reacted with skepticism, but after the project briefly topped sales numbers, it became harder to doubt its plausibility, especially if people were buying them out of support for Trump or as a form of satire.
Even Trump didn’t take the initiative seriously, as he admitted the artwork was solely the reason he consented to it.
After an early increase, the value of Trump NFTs plummeted after investors voiced concerns about technical difficulties and unclear legal language. At the height of the initial craze, it was mocked on Saturday Night Live.
By the end of 2022, the daily trading volume of Trump NFT had dropped by 98% from its high, and by the end of the year, it had dropped by 70%. After the fact, the Trump NFT fad was written off as a fad, and some of the rights were sold (like the Zoom call with Trump).
Traders appeared to be betting on Trump’s comeback to mainstream popularity as the new year began, as daily purchases of Trump NFTs surged and remained strong for the following few weeks. In light of the recently publicized indictment, that wager may have proven fruitful for some clients.
Almost $10 million were sold in December, $2.6 million in January, $4 million in February, and $2 million as of this writing in March, all since the release of Trump NFTs. Trump NFT has had a total trading volume of over $18.6 million, as reported by CryptoSlam.
Content Source: decrypt