Former US President Donald Trump debuted his own NFT line on December 15, 2022. These NFT playing cards were advertised as offering consumers the chance to meet Donald Trump in person or perhaps receive an invitation to a gala dinner with him. NFT enthusiasts and Trump backers may find this news to be very important. Here, we will discuss everything you need to know.
NFT Collection
With Former US President Donald Trump’s official Truth Social account, he started the Collect Trump Cards campaign. These digital trading cards, according to the post, are available for purchase for $99 per piece on Polygon.
Donald Trump has appeared as a superhero, a cowboy, an astronaut, and other characters. After leaving the office in shame after supporting the attack on the US Capitol, Donald Trump launched these cards. Investigations into his involvement in these attacks and other fraudulent practises at his firms are also ongoing.
Donald Trump has never before released his own NFT memorabilia. Prior to this, Social Network Parler earlier this year released NFTs that were inspired by Trump. With a pre-buyer cap of 100 NFTs, they released a total of 45,000 NFTs on Polygon.
Criticism Around The Idea Of Trump Card
An NFT is a blockchain token that denotes ownership of an exclusive asset, such as digital collectibles, artwork, and profile photographs (PFPs). Although sales and prices have both dropped significantly over the past few months, the NFT market nonetheless generated about $25 billion in organic trading volume in 2021 and again in 2022.
Trump's idea was widely criticised as a cash grab, even by some of his own followers, but the 44,000 NFTs that were made available in the public sale sold out in less than 24 hours. After that, secondary market prices soared, and as "Saturday Night Live" mocked the initiative on December 17, the starting price came close to $1,000.
The daily trading volume peaked at approximately $3.5 million on that day, but it soon began to fall. A 99% drop from the peak day occurred on January 8, when the project's daily low in NFT trades was just over $21,000. Although owners of the least costly listed treasures continued to demand at least double what they had paid new, prices also declined.
The Bottom Line
The FOMO (fear of missing out) enthusiasm among investors and collectors, especially flippers who look for buzzy projects with rapid gains, frequently causes NFT ventures to reach their peak in a short period of time. Most ventures can't maintain that type of momentum for very long.
