Trump Proves Celebrities Sell, Even Amidst NFT and Crypto Paranoia

The power of a familiar name or close community can be seen everywhere. It’s especially valuable when you’re trying to sell something, as shown by the success of Trump Digital Trading Cards, an NFT project that’s seeing great success despite a declining economy, crypto scrutiny, and a big drop in the value of NFTs as a whole.

Embedded markets are still giant winners: There are many projects suffering as funding dwindles and the economy worsens, but others are still going strong. Trump Digital Trading Cards is a good example of that, with the Trump name driving the project’s success.

• According to the statistics collected when the article was written, the Trump trading card NFT was sold 1201 times in the last seven days. Also, sales volume exceeded $313,000.
• The trading cards are collected by over 15,000 owners, with a total of 45,000 tokens available.
• The top card went for $22,900, and many others sell for thousands of dollars.

Although the trading cards are not owned by Trump or his companies, his name and die-hard community are enough to help make the NFT project a success. He has an almost cult-like following, and that’s enough to make Trump-related ventures popular.

Communities have long driven NFT success: It is not only celebrity followers that have an effect on success. In general, communities and followers of any kind are an important aspect of success, especially for NFT and crypto projects.

It is especially important for long-term growth since many trades and discussions take place between members of a community. Moreover, the support is just as important for the artists or creators as for the entire project.

A good example is the Bored Ape Yacht Club (BAYC), which is one of the most valuable collections in the world. But beyond its market value, it also stands out for its cultural influence, and much of that comes from society. Owning a BAYC NFT is about becoming a part of something, and the benefits play a role in that.

• BAYC owners become part of a private online club and can attend exclusive in-person events.
• The ownership of NFTs with strong communities is a status symbol, which is why many owners use it as a profile picture on social media.

Communities will also spread the word about a project they are passionate about and stick with it through thick and thin. On the other hand, if a project has a weak community or following, it may find itself abandoned the moment something new comes along or times get tough.

Celebrity can fight back: While celebrities and a strong following help projects, they can also backfire. Once again, Bored Ape Yacht Club stands out as a prime example. Celebrities enhanced the brand and attracted a lot of attention and investment, but there is now a class action lawsuit that claims that the endorsements caused NFT values ​​to spread and ultimately people lost money.

• The class action lawsuit names 37 defendants, including Kevin Hart, Madonna and Jimmy Fallon.
• Many worry about the power of celebrity influence when it comes to volatile markets like NFTs and cryptocurrency.

It’s not the celebrity endorsement to fight back. Kim Kardashian paid over $1 million to the SEC to settle a crypto fraud lawsuit. Mark Cuban also faced heat over a crypto “Ponzi scheme” after he promoted the now-bankrupt cryptocurrency trading platform and brokerage Voyager Digital.