Former US President Donald Trump reenters the NFT arena with a bold move—launching the ‘MugShot Edition’ collection. Priced at $99 each and featuring 100,000 NFTs on the Polygon network, this release follows Trump’s successful foray into digital trading cards last year.
However, market dynamics appear to be shifting, with the original NFT sets experiencing a decline in prices. Let’s delve into the details of Trump’s latest NFT venture and its impact on the market.
The ‘MugShot Edition’
Donald Trump’s promotional strategy for his latest NFT collection release includes enticing perks for bulk buyers, such as physical trading cards containing fragments of the suit he wore during his mugshot. The controversial move, however, seems to be met with lukewarm market interest.
Despite the initial success of Trump’s earlier NFT collections, the market response to the ‘MugShot Edition’ has not been as enthusiastic.
Prices for the original NFTs from the first and second sets have experienced a sharp decline, echoing a trend seen in the aftermath of the second batch’s release last spring. Data from the NFT Price Floor reveals an 18% drop in the value of the first series of Trump Cards NFTs and a 34% devaluation of the second series of Trump Digital Trading Cards.
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The new NFTs, currently non-transferable until December 31, add a layer of complexity to market valuation.
NFT project dynamics and Trump’s crypto stance
NFT INT LLC, the licensee for Trump’s name and image, manages the official collection and introduces unique perks for buyers, including the distribution of physical trading cards and VIP gala dinner tickets. Trump’s crypto scepticism during his presidency contrasts with his substantial crypto wallet holding of $2.8 million, acquired through NFT sales as reported by Forbes.
As the ‘MugShot Edition’ unfolds, with around 8,000 NFTs minted so far, questions arise about the sustainability of interest in Trump’s NFT ventures and their potential impact on the broader NFT market.
This latest move by Donald Trump showcases the intersection of celebrity, politics, and the evolving landscape of NFTs, raising questions about the longevity of interest in such ventures and the resilience of the NFT market.
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