Donald Trump has launched a new trend in the NFT market – research
Date: 2023-07-09 Author: Karina Ziganova Categories: BUSINESS
Former US President Donald Trump showed how non-fungible tokens (NFTs) can be used for political purposes
The former U.S. president's debut in the non-fungible token market set a precedent for other political figures. This opinion was expressed in their blog by analysts of the company DappRadar. According to their estimates, non-fungible tokens (NFTs) can become a political tool, after Donald Trump demonstrated to politicians how to finance their election campaigns through NFTs.
Analysts note that US presidential candidates (Francis Suarez and Robert Francis Kennedy Jr.) have not yet decided on Trump's methodology, but have already openly supported cryptocurrency technology.
How much did Trump earn from NFTs?
According to DappRadar, only two NFT collections with images of the 45th President of the United States are officially placed on the market. However, the sales gap between them is significant.
The first collection, called the Trump Digital Trading Card, went on sale in December 2022. A total of 45,000 copies were released, and the starting price tag was 0.07 wETH (about $90 at the exchange rate at the time of the collection's release). In the first week of sales in the secondary market, the project raised $12 million (while earning more than $4.4 million in 12 hours after the start of sales).
The second collection, called Trump Digital Trading Card Series 2, went on sale in April 2023. In total, Trump released 47,000 copies, and the starting price tag was lower - 0.04 wETH ($ 80 at the April exchange rate). However, in dollar terms, the difference with the first collection is minimal).
Despite the overwhelming success of the first collection, the second could not boast of the same. In the first week of sales on the secondary market, NFTs were sold for only $1.5 million.
Why an NFT policy
Entering the NFT market is a good move for Trump. Despite the dubious trading activity on its collections, analysts say. Non-fungible tokens have proven to be a strong tool of political support (as evidenced by the sales of the first collection). Tokens do not carry much value for buyers. By buying NFTs, they expressed support for a political figure and Trump's cause, according to DappRadar.
In this context, Trump's collections expand the field of utility of NFTs, demonstrating revolutionary potential not only in art or entertainment, but also in political campaigns, experts conclude.
