Trump NFT Interest Cools Amid Trial

The allure surrounding former U.S. President Donald Trump’s initial foray into the digital realm with his NFT collection seems to be waning. After a significant debut in late 2022, which saw the launch of 45,000 NFTs featuring cartoonish depictions of Trump, recent data from OpenSea shows a dramatic 99% drop in trading volume over the last 30 days. Even more telling, there has not been a single transaction in the past week.

Initially, Trump’s NFT collection amassed over $50 million in total trading volume since its introduction in December 2022. However, this initial enthusiasm has notably subsided, contrasting with the broader NFT market which, despite not reaching the frenzied heights of 2021’s bull run, has maintained a steady flow of transactions. For instance, Ethereum-based NFTs reached a trading volume of $489 million in March 2023!

This dwindling interest in Trump’s NFTs coincides with his preparation for a criminal trial, where he faces allegations of falsifying business records to hide hush money payments. This backdrop may have influenced the market’s reception towards his digital collectibles.

Despite the lukewarm response to the first series, the second series of Trump’s digital trading cards fared somewhat better, though it also experienced a 57% reduction in trading volume over the same period. In a bid to rejuvenate interest, a recent NFT drop included an opportunity to win an invitation to a gala dinner with Trump at Mar-a-Lago, scheduled for May 8.

These NFT promotions are managed by NFT INT LLC, which, as clarified on the website, operates independently of Trump, The Trump Organization, or CIC Digital LLC. The site also mentions that NFT INT LLC utilizes Trump’s name and image under a licensure from CIC Digital LLC, which is subject to termination or revocation.

Interestingly, despite the official statements distancing the former president from direct management of the NFT initiatives, Trump has been previously listed as the manager, president, secretary, and treasurer of CIC Digital LLC, as per Citizens for Responsibility and Ethics in Washington.

The NFTs themselves are minted on the Polygon blockchain, highlighting the technical underpinnings of this digital venture.

While the initial enthusiasm for Trump’s NFTs showcased the potential for high-profile figures to influence the burgeoning NFT market, the subsequent decline in interest perhaps reflects the market’s sensitivity to broader reputational and legal challenges faced by their endorsers.