Donald Trump, the former U.S. President, is gearing up to launch his fourth nft collection, "America First Edition," after the varying success of his previous nft releases. In a promotional video on August 27, Trump showcased the new collection, featuring artwork depicting himself dancing and holding Bitcoins. The crypto industry has shown support for Republicans following the party's inclusion of pro-crypto language in its platform.
Ripple made headlines by donating $1 million to the Commonwealth Unity Fund on May 15 to back John Deaton in his challenge against Senator Elizabeth Warren in the upcoming Republican primary.
Trump’s Latest nft Gamble: Can It Outshine His Previous Collections?
Trump's latest NFTs are priced at $99 each and are minted on the ethereum scaling network Polygon. The collection could potentially produce up to 360,000 cards, making it the largest Trump nft set to date. This surpasses his previous collections, which included 100,000 cards (only half sold) and two collections that sold out with 44,000 and 46,000 NFTs respectively.
Bulk buyers of the latest NFTs will enjoy exclusive perks such as access to a Trump gala dinner in September and a piece of the suit Trump wore during his debate with President Joe Biden in June. Trump boasted in a Bloomberg Businessweek interview in July about the rapid success of his prior nft ventures that drew significant interest from the crypto community.
Despite his past criticisms of cryptocurrency, Trump now acknowledges its global importance. He highlighted the success of his nft sales, noting that 80% of purchases were made with crypto. He also warned about other countries like China dominating the industry if the U.S. does not adopt cryptocurrency.
The funds from the sale of Trump's latest NFTs will be managed by nft INT LLC, the licensee of Trump's imagery and branding. The proceeds will not contribute to Trump's presidential campaign, and reselling of the NFTs on secondary markets will be restricted until January 31, 2025.
Trump’s nft Collections: Why the Recent Spike in Value Could Signal a Major Trend Shift
Trump's nft collections have seen a resurgence in value following a recent assassination attempt at a rally in Pennsylvania. His first nft collection's value has doubled, now priced at $452 on the secondary market, up from $225, but below its all-time high of $769 in February 2023.
Trading activity on platforms like OpenSea has surged, with 272 Trump NFTs sold in the past week, generating approximately $111,000 in trading volume. His second collection witnessed a significant 632% increase in trading volume on OpenSea, reaching 13.52 ETH. However, the floor price remains around $66, 30% lower than its peak of $93.
Despite the positive momentum, Trump's third nft collection, the "Mugshot Edition," did not sell out, with no recorded sales between March and May, and an average floor price of around $100. Besides his nft ventures, Trump's campaign has embraced crypto donations, with about $3 million of the $331 million raised last quarter coming from cryptocurrency donations, underscoring the growing role of digital assets in politics.
