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- In an awkward move, Donald Trump launched a series of NFT collections, which have generated more criticism than commendation at a time when the market is in decline.
- With the launch of Trump’s NFTs, the market may see no further improvement, with experts seeing it as a bad move.
During his time as President of the United States, Donald Trump was a meme subject for several international media outlets. He was depicted in cartoon and comical characters based on his personality and views about issues. The former President has joined the non-fungible token (NFT) bandwagon by being an NFT creator.
On December 14, the NFT community was greatly surprised after the former President unveiled his NFT project. In an announcement on his social media platform, Truth Social, Donald Trump unveiled a digital collectible comprising 45,000 NFT cards. The digital arts showcased the former President in several costumes like superhero apparel, a golf outfit, and hunting gear, among others.
The superhero avatar is what many considered comical, as Trump was shown with a chiseled chest and donning other accompanying outfits in a James Bond-like manner. Furthermore, the Polygon-based digital collectibles are on sale at $99 per piece, with buyers automatically onboarded into sweepstakes. These sweepstakes involved some rounds of golf with the former President, a zoom call, a one-on-one dinner, and other exclusive perks.
Thank God, the digital trading cards are here. It was indeed a MAJOR ANNOUNCEMENT. pic.twitter.com/T1nsqRwr92
— Ben Shapiro (@benshapiro) December 15, 2022
However, the new NFT project has yet to generate widespread excitement among digital collection enthusiasts. Hence, one wonders what Trump would offer fans in exchange for their $99 at a time when there are dozens of NFTs they can flaunt. There are currently nearly 35,600 Trump Digital Trading Cards listed on the popular NFT marketplace, OpenSea, for secondary sale with a floor price of $82.
Meanwhile, the NFT community is still unclear about Trump’s latest NFT project due to his previous utterances against cryptocurrency and digital collectibles. In a July 2019 tweet, the then-president posted that he was not a fan of Bitcoin and other crypto assets due to their volatility and lack of regulations.
Commenting on the latest development, Binance CEO Changpeng Zhao has overlooked the politics behind Trump’s acceptance of NFT when he does not like crypto by saying that “we are getting there.”
The former United States President issues NFTs. And he didn’t like crypto before. We are getting there. https://t.co/NxCD91sveh
— CZ 🔶 BNB (@cz_binance) December 15, 2022
Despite getting more comprehensive support for his dividing views about politics, many of his supporters failed to back Trump in his new adventure in the digital space. Many expressed dismay by slamming the Trump NFT project, calling it low quality.
Is there a Potential for Profit?
A year ago, the market capitalization for NFTs was $23 billion; its current valuation, according to CoinMarketCap, is $2.4 billion. However, over the last 24 hours, the NFT market has lost about 8 percent of its overall evaluation. With the launch of Trump’s NFTs, the market may see no further improvement, with experts seeing it as a bad move.
More shocking is the launch of a series of NFTs that look like rejects from a digital art studio done by an amateur creator. With the rapid decline in the value of NFTs over the past few weeks, the latest collections depicting the avatars of the former US president come at the wrong time.
