Trump Capitalizes on Bitcoin Ordinal Trend for NFT Sales

The world of nonfungible tokens (NFTs) is seeing an unprecedented move as former U.S. President Donald Trump taps into the Bitcoin Ordinal trend to stimulate sales for his ‘Mugshot Edition’ NFTs. Announced by Trump’s team, a special promotion is now available for buyers of his collection. Specifically, anyone acquiring a minimum of 100 Mugshot NFTs, each retailing at $99, will be rewarded with a unique Bitcoin Ordinal trading card. Hence, a minimum investment of $9,900 is needed to qualify for this exclusive offer, with a total minting of only 200 Ordinal NFTs.

Trump’s NFTs and Lock-Up Period

Trump’s NFT collection was launched on the Polygon network in December. A distinctive aspect of these NFTs is the inclusion of a lock-up period until December 2024, a move designed to deter their use as mere investment vehicles. This approach offers an intriguing spin on the evolving NFT market dynamics.

Pudgy Penguins NFTs Reach New Highs

In other NFT-related developments, the Pudgy Penguins collection has set a new all-time high floor price of 19.05 ETH, equating to approximately $47,000. This surge in value is credited to the project’s leader, Luca Netz, and the initiative’s commitment to promoting mental health awareness. Featuring 8,888 unique penguin NFTs with randomly assigned traits, the Pudgy Penguins project has introduced Soulbound tokens (SBTs) and aims to become a leading IP company in Web3, providing licensing deals and brand partnerships.

Decline in NFT Trading Volumes

Despite the recent interest in Bitcoin Ordinals sparking a resurgence in the last quarter, a report by CoinGecko reveals a significant downturn in NFT trading volumes in 2023, falling by almost $15 billion from the previous year. This downturn indicates a potentially cooling interest in the NFT market, even as individual projects continue to attract attention and investment.

Insider Trading Conviction Appeal and Meta’s Metaverse Vision

On a separate note, former OpenSea product manager Nathaniel Chastain is contesting his conviction for wire fraud and money laundering charges linked to insider trading. In the meantime, Meta’s Nicola Mendelsohn stated that Mark Zuckerberg’s ambitious vision for the metaverse might take over a decade to fully materialize, in spite of the significant financial backing invested in the venture. As a concluding note, tech tycoon Elon Musk has withdrawn support for NFT profile pictures on a social media platform.