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former president donald trump Recently announced the launch of his first non-fungible token (NFT) collection true societya social media platform he created after being banned from Twitter.
The collection consisted of approximately 45,000 “digital trading cards” and sold out in 12 hours (albeit allegedly using copyrighted and unauthorized images). After that, their prices and trading volumes plummeted.
Let’s see why some crypto investors and NFT enthusiasts got into the hype anyway.
Also Read: Brazil Approves Crypto Regulation Bill, Legalizing BTC as a Payment and Investment Asset
What the Trump NFT Collection Got Right
As part of the launch, Trump has ensured that NFT buyers will participate in a “Trump Sweepstakes.”
The winner gets to visit his private club, Mar a Lago, in Palm Beach, Florida. Perhaps Trump’s most vocal critics would love the opportunity to get up close and personal with him.
This is one of the reasons why the Trump Digital Trading Cards collection has generated so much interest from investors, NFT enthusiasts, and first-time buyers.
At a time when NFT sales are declining month by month (OpenSea volumes plummeting more than 95% from their 2021 peak highs), Trump’s NFT collection, even at a $99 offer price, remains a barrier to entry. was low, with a floor price of 0.09 Ethereum/USDa sheriff, a superhero, a golfer, and playing cards standing in front of the Statue of Liberty.
Some NFTs like Trump-signed #4128 were fetching prices as high as 4,500 ETH on NFT platform OpenSea.
There was an added element of excitement that seemed to contribute to its success, with NFTs automatically assigned.
Most of the designs are repeated with slight color variations, but buyers were lured in by the chance to own a bespoke piece that probably trades for $99 or more.
Trump has licensed a company called NFT INT (Trump reportedly has no control or ownership of the company) to develop and sell digital portraits.
NFT INT will receive 10% of sales, while the rest will likely go to Trump’s account.
This is a rather unique approach taken by the former US President, a staunch critic of the cryptocurrency industry.
Can NFT creators imitate Trump’s formula?
It remains to be seen if Mr. Trump will decide to launch more NFT collections in the future.
Affordable NFT celebrity depictions are exactly what sets the Trump NFT collection apart from others, especially when it comes to offering buyers the chance to meet their favorite personalities.
Trump’s gigantic persona, combined with his devoted followers, explains why his NFT has bucked the current bear trend, trading as high as $650 within days of its initial launch. .
SEE ALSO: DeSantis is backed by wider margins than Trump, poll shows
A rekindling of hope?
For much of 2022, not only has NFT sales plummeted by up to 90% since August 2021, but average sales have fallen from the ~$2,100 level recorded in February 2022 to ~$100. .
NFT INT could have shown what it takes to pave the way for mass adoption of NFTs by studying the NFT market and pricing NFTs in line with current trends. This is an important lesson for his up-and-coming NFT creators.
Perhaps Trump’s NFT success will inspire other personalities like Tesla. TSLA chief Elon Musk — to follow suit and lift the NFT market out of its current doldrums.
Next: Will Binance Succumb to Crypto Market Fear?
Image via Shutterstock
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