Former U.S. President Donald Trump announced his intention to release a fourth collection of non-fungible tokens (NFTs), even though his previous Polygon blockchain-based collections experienced mixed success.
“We had one year to sell it out, and it sold out in one day,” Trump told Bloomberg regarding his initial NFT launch. “The whole thing sold out: 45,000 of the cards. I did it three times [and] I’m going to do another one because the people want me to do another one.”
Despite renewed interest following an assassination attempt at a Pennsylvania rally, the overall performance of Trump’s NFTs has seen initial excitement followed by significant drops in value.
Trump’s first NFT collection launched on December 15, 2022, featuring 45,000 digital trading cards priced at $99 each. The collection sold out rapidly, and prices surged on secondary markets shortly after. However, by April 2023, it became clear that the market was not as strong as initially thought. Increased supply and plummeting prices signaled that many buyers were more interested in novelty than serious investment. The second collection also experienced a downturn in sales and prices shortly after its launch, indicating a similar trend.
In December last year, Trump released a third collection called “Trump Digital Trading Cards: MugShot Edition,” featuring 100,000 NFTs. This release followed his legal issues in Georgia and included his mugshot from the Fulton County Jail. Although it initially generated buzz and a spike in trading volume, it ultimately failed to sell out.
Despite the varying success of these collections, multiple releases of Trump NFTs highlight a notable step toward mainstream adoption. Oscar Franklin Tan, chief legal officer of Atlas Development Services and a core contributor to the Enjin blockchain, views these releases as significant for demonstrating the potential of NFTs. “Each of these is a key NFT use case, and no less than Trump demonstrating all of them together proves NFTs’ value,” Tan said.
Trump has shown increasing interest in cryptocurrencies, expressing a positive stance on the asset class at a Mar-a-Lago event for NFT holders in May. He also voiced support for Bitcoin miners last month. “The thing I really noticed was everything was paid in—I would say almost all of it was paid in crypto, in this new currency,” Trump remarked during the interview. “It opened my eyes.”
While the previous collections have seen fluctuating success, Trump’s decision to launch a fourth collection indicates his belief in the continued potential and demand for these digital assets. The announcement has already sparked curiosity and debate within the NFT community and among his supporters. With the NFT market’s volatility and changing trends, it remains to be seen how this new collection will perform. Will it attract serious investors or merely ride on the wave of novelty and curiosity? One thing is certain: Trump’s foray into the NFT space continues to be a talking point, reflecting broader trends in the intersection of politics, celebrity, and digital assets.
Trump’s repeated ventures into the NFT market underscore the ongoing experimentation and interest in this emerging field. While the performance of his previous collections has been mixed, each release contributes to the growing narrative of NFTs in mainstream culture. As Trump prepares for his fourth launch, the NFT and crypto communities will be watching closely to see if this new collection can achieve lasting success.
