Former U.S. President Donald Trump said on Monday he intends to release a fourth collection of non-fungible tokens (NFTs)—despite mixed results from his previous Polygon blockchain-based digital collectibles.
"We had one year to sell it out, and it sold out in one day," Trump said during an interview with Bloomberg on his initial NFT launch. "The whole thing sold out: 45,000 of the cards. I did it three times [and] I’m going to do another one because the people want me to do another one."
While an assassination attempt against the former president during a rally in Pennsylvania on Saturday has reinvigorated interest, the performance of Trump's NFTs has been marked by initial enthusiasm followed by steep declines in value.
On December 15, 2022, Trump launched his first NFT collection featuring 45,000 digital trading cards priced at $99 each. The release saw a surge in interest, with the collection selling out quickly and prices on secondary markets rising sharply the following day.
By April 2023, it became apparent that the market for Trump's NFTs was not as robust as initially perceived. The supply more than doubled as prices tanked.
Donald Trump Is Selling More NFTs—And the Original Sets Are Crashing Again
It was around this time last year that former United States President Donald Trump released his first set of digital trading cards as NFTs, igniting both buzz and mockery—and generating millions of dollars in sales. After a second round last spring, he’s back again with the largest set of NFTs to date… but the market doesn’t appear to be responding favorably. Launched Tuesday, the Trump Digital Trading Cards: MugShot Edition collection includes 100,000 total NFT collectibles minted on Polygon, a...
Sales slowed, and prices dropped soon after the second set launch, indicating that many buyers were motivated more by novelty than serious investment potential.
A third collection, dubbed "Trump Digital Trading Cards: MugShot Edition," dropped in December last year, featuring 100,000 NFTs.
Released after Trump's legal troubles in Georgia, the collection proudly displayed his mugshot taken four months prior at the Fulton County Jail.
Despite the buzz and an initial spike in trading volume and floor price, it didn't quite hit the mark and fell short of selling out.
While reception has been mixed, multiple releases of Trump NFTs represent a "milestone" for mainstream adoption, Oscar Franklin Tan, chief legal officer of Atlas Development Services, a core contributor to the Enjin blockchain, told Decrypt.
"Each of these is a key NFT use case, and no less than Trump demonstrating all of them together proves NFTs’ value," Tan said.
Trump Trading Card NFTs Soar Following Assassination Attempt
The floor price—or price of the cheapest listed NFT—of original Trump Digital Trading Cards has spiked following a failed assassination attempt against the former U.S. president. The NFT collectibles on the Ethereum sidechain network Polygon rose to 933 MATIC ($502), according to data collected from multiple NFT marketplaces. The hype has since cooled, with its floor price hovering around 762 MATIC ($410), data from NFT marketplace Magic Eden shows. Just days prior, those same NFTs were trading...
Trump has recently warmed to crypto, 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 voiced his support for Bitcoin miners.
"The thing I really noticed was everything was paid in—I would say almost all of it was paid in crypto, in this new currency," Trump said of his NFTs during the interview. "It opened my eyes."
Edited by Stacy Elliott.
