Trump’s Legal Troubles Boost NFT Sales Over 400%
After Trump made history by becoming the first sitting US president to be indicted on criminal charges, his NFT collection has exploded.
Interest in the collection, which launched in December to widespread derision, skyrocketed after he was formally charged in New York on Thursday.
Trump NFTs are selling like hot cakes
Sales of Trump Digital Trading Cards increased by 460% in the last 24 hours, totaling $185,785. NFT Price Floor, which monitors the market for these tokens, reports a current sales volume of 99,952 ETH, or nearly 180 individual transactions.
NFT price floor data shows that over the past 24 hours, the floor price, or the price of the cheapest listed NFT in the collection, has increased by 25% to its current level of $1,023.
Source: Coingecko
The floor price nearly hit a record high of $1,079 in February, but fell short after news of Trump’s indictment spread Thursday night.
The 45,000-piece set features a stiff-faced Trump dressed as Superman, a wrestler, a soldier, a football player and many other characters.
Some 13,963 people have purchased NFT cards so far, representing a 31% increase since the launch in December.
On December 15, 2022, Trump unveiled the first deck of digital cards through his social platform. Within hours of release, the NFTs were completely sold out.
Stormy Daniels and Donald Trump. Image: MEGA
Shhh…. The hush money scandal
A grand jury decided to indict Trump for making a hush-hush payment to Stormy Daniels during the 2016 election, making him the first US president to be criminally indicted.
Daniels is an American adult film actress whose real name is Stephanie Clifford. When it was reported that she had an alleged romance with then-businessman and current former US President Trump in 2006, she rose to prominence in 2018.
Daniels said Trump’s lawyer, Michael Cohen, paid her hush money to keep quiet about the affair in 2016, just before the 2016 US presidential election.
The controversy became a major news topic in the US and around the world, and it led to several court battles between Daniels, Cohen and Trump.
After a slow start, sales of NFTs picked up as interest in Trump, his 2024 presidential bid, and his legal battles grew in the new year, according to the statistics.
His lawyers have vowed to “vigorously fight this,” and the president himself branded the accusation “political persecution” and “election interference at the highest level in history” on Thursday.
Crypto total market cap currently at $1.14 trillion on the weekend chart at TradingView.com
Although skepticism about the NFT collection was widespread in the crypto space to begin with, its potential became harder to discount when it momentarily led to record sales.
Meanwhile, the initial reaction from the cryptocurrency community was one of widespread disbelief; however, the suitability of the NFT initiative proved to be a bit of a challenge and difficult to rule out as it dominated the sales charts, albeit temporarily.
– Featured Image: CollectTrumpCards.com
