Donald Trump's NFT Collection Is Breaking Records, What Does This Mean for the Industry?
In a rather strange move from the former president, Donald Trump recently released a non-fungible token (NFT) collection at what may be one of the worst times possible. At the bottom of the current recession and a little over a month after the FTX Trading Ltd. collapse, Trump released an NFT collection — and it’s going incredibly well.
What happened: Trump released an NFT collection for $99 per Trump Collection Card. Despite the overall market volatility, the collection sold out in less than a day and shot up 1,000% in price.
Beyond the initial shock of a former president releasing an NFT collection, many are likely shocked by its success. A year ago, a somewhat successful NFT project wouldn’t be too surprising because NFTs were doing billions in volume per day. Now, NFT volume has seemingly ground to a halt in many markets.
Despite this, the project not only sold out in less than a day, but it reached highs of nearly 1,000% gains on OpenSea. The NFTs initially sold for $99 each but reached highs of 0.84 Ether (CRYPTO: ETH) or $990. Despite a severe pullback, the NFTs are still up roughly 400% to 0.34 ETH, or about $400.
As many were seemingly willing to write blockchain and NFTs off completely, this might be turning some heads. Institutional interest seemingly hasn’t waned in the blockchain-gaming space, so this could be a sign of a turnaround.
Blockchain marketplace startup Gameflip has raised over $615,000 through StartEngine, after raising $10 million from Silicon Valley venture capitalists. This indicates strong demand in the startup investing sector and from the retail crowd.
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Trump Cards were built on the Polygon blockchain, which hasn’t seen a ton of volume on OpenSea. Typically, the platform sees sales primarily in Ethereum, but with the release of Trump’s NFT project, Polygon sales saw a new record daily sales amount of over $3.14 million in one day.
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