Trump Legal Troubles Drive Up NFT Sales By Over 400%
After Trump made history by becoming the first incumbent US president to be indicted on criminal charges, his NFT collection is having a blast.
Interest in the collection, which was launched in December to widespread derision, skyrocketed after he was formally accused in New York on Thursday.
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Trump NFTs Selling Like Hotcake
Sales of Trump Digital Trading Cards increased by 460% in the last 24 hours, totaling $185,785. NFT Price Floor, which keeps tabs on the market for these tokens, reports a current volume of sales of 99.952 ETH, or almost 180 individual transactions.
NFT Price Floor data shows that over the past 24 hours, the floor price, or price of the cheapest listed NFT in the collection, has increased by 25% to its current level of $1,023.
The floor price nearly hit a record high of $1,079 in February, but it dropped short after the news of Trump’s indictment spread on Thursday night.
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The 45,000-piece set has a stiff-faced Trump dressed as Superman, a wrestler, a soldier, a football player, and many other characters.
About 13,963 people have purchased NFT cards so far, representing a 31% increase since the launch in December.
On December 15, 2022, Trump unveiled the first deck of digital cards through his social platform. Within hours of their release, the NFTs had completely sold out.
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Sshhh…. Hush Money Scandal
A grand jury decided to prosecute Trump for making a hush money payment to Stormy Daniels during the 2016 election, making him the first US president to face criminal charges.
Daniels is an American adult film actress whose real name is Stephanie Clifford. When it was reported that she had an alleged romance with then-businessman and current former US President Trump in 2006, she rose to prominence in 2018.
Daniels said that Trump’s lawyer, Michael Cohen, paid her hush money to stay quiet about the affair in 2016, just before the 2016 US presidential election.
The controversy became a significant news topic in the U.S. and around the world, and it led to multiple court battles between Daniels, Cohen, and Trump.
After a slow start, sales of NFTs surged up as interest in Trump, his 2024 presidential candidacy, and his legal battles grew in the new year, according to the statistics.
His lawyers have promised to “vigorously fight this,” and the president himself branded the charge “political persecution” and “election interference at the highest level in history” on Thursday.
Although skepticism about the NFT collection was widespread in the crypto space at first, its potential became more difficult to discount once it momentarily led sales records.
Meanwhile, the initial reaction from the cryptocurrency community was one of widespread disbelief; however, the suitability of the NFT initiative proved to be quite a challenge and hard to rule out when it dominated the sales charts, albeit temporarily.
-Featured image: CollectTrumpCards.com
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