Donald Trump’s NFT prices rise after indictment

Former president Donald Trumphis indictment has taken over the news cycle, but there is more to the story than its political implications. His non-fungible tokens (NFT) have accelerated in price since his indictment in late March.

Originally priced at $99 when it was released in December 2022, early investors have seen a good return so far. 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 sale of $1,700.

While Trump’s indictment appears to be the main driver of the price increase, the regional banking crisis may also 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 like Gameflip – a digital resource and NFT marketplace – securing nearly $1 million from investors. And Gamestop Corpits marketplace sees an increase in volume despite months of weak trading.

Don’t miss: Tapping the Trillion Dollar IoT Market: One Startup Says AI-Based Data Compression Can Increase Bandwidth by 300%

Is Trump cashing in?

With growth like this, it’s easy to believe that Trump is profiting from the latest price hike. But the former president gets no financial benefit, as all 45,000 of his NFTs were sold out within 12 hours of their release. About 14,000 people bought them, and many more have done so on the secondary market.

The NFTs portray him in various guises, 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 about art and not making money.

“You know, it’s kind of comic book art when you think about it, but they showed me the art and I said, ‘Gee, I’ve always wanted to have a 30-inch waist,'” he said

To stay updated with the best startup news and investments, Sign up for Benzinga’s Newsletter for start-up investments and equity financing

“I look at these things and say ‘Wow, that’s kind of cute, that can sell, that can sell.’ They thought it would sell in six months, it sold in six hours.”

What’s next for Trump’s NFTs?

With the indictment coinciding with the banking crisis, it’s a perfect storm for Trump’s NFT collection. Only time will tell what happens next, but with limited supply and plenty of die-hard fans, there’s a chance prices will remain high in the future. That’s especially true with Trump, who is expected to remain in the news cycle through the 2024 election — and possibly beyond.

Learn more about startup investing: Kevin O’Leary-backed startup lets you become a venture capitalist with $100

Is the indictment good for Trump’s re-election

Many have speculated that the indictment could be a positive for his re-election campaign going into 2024. Trump has made the incident a martyr of sorts, and this is an open attack on democracy, among a number of other narratives. Either way, the event could get his base to vote, 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 the public for free.

Look more at startup news and investment from Benzinga.