Former US President Donald Trump on Monday announced plans to launch his fourth collection of non-fungible tokens (NFTs), despite the mixed results of his previous launch of Polygon blockchain-based digital collectibles.
“We sold out for a year, and we sold out in a day,” Trump told Bloomberg early on in the NFT launch. “We sold out. 45,000 cards. We’ve done it three times, and people want to do it again, so we’re going to do it again.”
Interest in President Trump’s NFTs has been on the rise since the assassination attempt on the former president at a rally in Pennsylvania on Saturday, but the initial enthusiasm has since led to a sharp decline in value.
On December 15, 2022, Trump released his first NFT collection, featuring 45,000 digital trading cards, each priced at $99. The release generated a surge of interest, with the collection quickly selling out and prices on the secondary market skyrocketing in the following days.
By April 2023, it was clear that the Trump NFT market wasn’t as vibrant as initially thought. As prices plummeted, supply more than doubled.
After the second set was released, sales slowed and prices fell, showing that many buyers were more interested in novelty than serious investment potential.
The third release was the “Trump Digital Trading Cards: Mugshot Edition,” which was released in December last year and included 100,000 NFTs.
Unveiled after Trump’s legal troubles in Georgia, the collection proudly displays his mugshot taken four months ago at the Fulton County Jail.
It became a hot topic and saw an initial surge in trading volume and lows, but fell short of expectations and failed to sell.
Oscar Franklin Tan, chief legal officer of Atlas Development Services, a key contributor to the Enjin blockchain, said that while the response has been mixed, the multiple releases of Trump NFTs represent a “milestone” toward mainstream adoption. Decode.
“Each of these are core NFT use cases, and the fact that President Trump showed them all together just proves the value of NFTs,” Tan said.
Trump has recently shown affinity for cryptocurrencies, saying he’s “good” for the asset class at a Mar-a-Lago event for people with NFT collections in May. Last month, Trump also expressed support for Bitcoin miners.
“What really caught my eye was that everything was paid for, you could almost say, in cryptocurrency, this new currency,” Trump said of his NFTs in an interview. “It was an eye-opener.”
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