Trump NFT sales skyrocket after news of his indictment
Former President Donald Trump’s NFT collection is having a moment after he became the first former U.S. president to be criminally indicted.
By Anna B Kiwanuka
Following news of a New York Grand Jury voting to indict former president Donald Trump last week, the floor price for the officially licensed Trump Digital Trading Cards nonfungible token (NFT) project has skyrocketed.
According to data from OpenSea, NFT traders were seemingly spurred into action by the announcement, with the floor price moving from 0.46 Ether or $835 at current prices, to as high as 0.6 ETH ($1090) on the same day.
When the project launched in December 2022, it offered exclusive one-on-one experiences to certain NFT hodlers, such as private golf sessions, dinners, and conversations with Trump.
The indictment news could potentially impact the former president’s ability to deliver on the experiences.
At the time of writing, the floor price has since dropped back to around the 0.48 ETH range.
Furthermore, according to a recent report from blockchain analytics platform DappRadar, NFT sales are soaring after hitting $4.7 billion worth of NFT trading volume in Q1 2023. According to the blockchain platform, this is more than double that of the previous quarter.
The firm pointed to bullish action from the Blur marketplace, which took the market by storm during its token airdrop farming period in February. The $4.7 billion came from 19.4 million NFT sales in Q1, marking an increase of 8.56%, with total volume increasing by 147% compared with the $1.9 billion posted in Q4 2022.
The Ethereum network accounted for a whopping $4.1 billion worth of the volume, with second-placed Solana contributing $242 million, while Polygon ranked third with $85 million for the quarter.