Former President Donald Trump’s indictment has taken over the news cycle, but there’s more to the story than its political implications. His non-fungible tokens (NFTs) have accelerated in price since his indictment in late March.
Originally priced at $99 when released in December 2022, early investors have experienced a nice return to date. According to data from nftpricefloor.com, Trump’s NFTs were trading at approximately $748 on March 29. But once his indictment became official, the price quickly jumped to $974 on April 1. This includes a record-breaking sale of $1,700.
While Trump’s indictment appears to be the main driver of the price increase, the regional banking crisis also may have something to do with it. A growing number of people are investing in crypto- and blockchain-based assets to secure liquidity. For example, the startup market is hot, with companies such as Gameflip — a digital asset and NFT marketplace — securing nearly $1 million from investors. And Gamestop Corp’s marketplace seeing an uptick in volume despite months of lackluster trading.
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With growth like this, it’s easy to believe that Trump is cashing in on the recent price surge. But the former president isn’t gaining any financial benefit, as all 45,000 of his NFTs sold out within 12 hours of release. Roughly 14,000 people purchased them, and many more have done so on the secondary market.
The NFTs portray him in various forms, such as an astronaut, cowboy and superhero, and at the time of the project’s announcement, the Trump team was widely mocked by major news outlets and on social media.
However, Trump never wavered on the project, explaining to One American News Network (OAN) in December that his NFT collection was all about art and not making a financial gain.
“You know, it’s sort of comic book art when you think of it, but they showed me the art and I said, ‘Gee, I always wanted to have a 30-inch waist,’” he said
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“I’m looking at this stuff and I’m saying ‘Wow, that’s sorta cute, that might sell, that might sell.’ They thought it would sell in six months, it sold in six hours.”
With the indictment coinciding with the banking crisis, it’s a perfect storm for Trump’s NFT collection. Only time will tell what’s next, but with limited supply and plenty of die-hard fans, there’s a chance that prices will remain high into the future. That’s especially true with Trump expected to remain in the news cycle through the 2024 election — and possibly beyond that.
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Many have speculated the indictment could be a positive for his re-election campaign going into 2024. Trump has turned the event into himself as a martyr of sorts, and this being an open attack on democracy, among a host of other narratives. Regardless, the event could jolt his base into voting thus resulting in a potential ‘red wave’ going into the election year. This also puts him back in the spotlight, allowing him to get in front of audiences to tell a story. This surge in the price of his NFTs could be an indication of this being true.
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