Trump’s NFT Trading Volume Surge Following Historic Indictment
The NFTs of the former United States President Donald Trump performed poorly for the better part of March but got a boost on the last day of the month after a New York grand jury indicted Trump on thirty counts connected to business fraud.
According to a CNN report, the indictment is sealed at the moment. However, the charges will be disclosed in the coming days. Donald Trump becomes the first American president to encounter criminal charges.
Meanwhile, the floor price of Trump’s NFT collection rose 25% on Friday to $1,024, per NFT Price Floor data. The price was almost close to the all-time of $1,063, recorded in February.
Moreover, the collection saw a surge in sales. CryptoSlam reported a 407% increase in trading volume on Friday compared to the previous day. The NFTs have recorded $185,000 in trades over the past 24 hours.
A Brief History of Trump’s NFTs
Originally, Trump’s NFTs were minted for about $99 each. They depict Trump in a variety of costumes. Over 45,000 pieces were minted on the Ethereum scaling network Polgon, and the holders were promised several perks, such as a video call with Trump.
Many crypto community members disregarded the former president’s NFT collection, but its growing popularity was difficult to ignore after it topped the sales charts on December 16. That performance came as a surprise because even Trump did not appear to take the collection seriously. In an interview with One American News, he said he only agreed to it since the digital art was ‘cute.’
But the hype around Trump’s NFTs was short-lived as some critics claimed that the pieces were poorly designed while others reported technical glitches.
Trump’s NFT Sales Drop Sharply
Things got worse at the end of last year as the NFT collection saw its trading volume decline by 98% from its all-time high. As a result, many holders sold off some of the perks included in those NFTs, like Zoom call with the former president.
However, at the start of this year, daily sales of Trump’s NFTs began to increase as traders anticipated Trump’s return to social media platforms. While that may not have happened, the latest indictment has in some way benefited buyers who bought the dip in January.
