Trump announces more NFTs but first collection’s price tanks

Image: Joe Raedle/Getty Images

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Former United States President Donald Trump announced the launch of the second version of non-fungible tokens (NFTs) in his Trump Digital Trading Cards Collection on Tuesday. 

See related article: Donald Trump helps Polygon NFTs outsell Ethereum on OpenSea exchange for second month

Fast facts

• The newest set includes 47,000 NFTs currently for sale at US$99 per digital card on the Polygon blockchain.
• The first collection’s floor price, which is the minimum price for secondary sales, decreased sharply from approximately 0.4 Ether (US$830) to 0.1 Ether on OpenSea, the largest NFT trading platform, within the first three hours of the announcement on Trump’s social media platform Truth Social.
• Trump’s latest NFT release announcement comes after his financial disclosure revealed that he received up to US$1 million in earnings from the first edition of his digital trading cards. The original collection, launched in December 2022 with 45,000 NFTs, was sold out within 24 hours of its release, earning almost US$4.5 million in revenue.
• His second edition of the NFTs also follows the former president pleading not guilty to 34 felony criminal charges of falsifying business records earlier this month.
• According to CryptoSlam’s data, sales activity relating to the collection has skyrocketed since the release’s announcement, resulting in a 745% daily increase in trading volume over the past 24 hours.
• But the collection-specific surge in activity was not significant enough to impact the Polygon NFT market significantly. The Forkast POL NFT Composite, which measures the NFT market activity of the Ethereum scaler, changed little after the announcement.

See related article: Forkast NFT indexes reveal the hidden costs of y00ts, DeGods’ moves across blockchains