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Here’s how Trump NFT sales increased following the arrest of ex-President in New York
Following a criminal indictment in New York, Donald Trump has become the first president, former or sitting, to face criminal charges. Surprisingly, his arrest has resulted in a rally in the price floor of Trump Digital Trading Card NFTs. In the last 24 hours, the trading volume for the Digital Trading Cards collection has increased by 220%.
According to CryptoSlam data, around US$75,000 worth of Trump NFT was sold in a single day. During the same time period, the number of sales transactions increased by more than 190%.
As a result of the increased sales volume, the collection's floor price followed suit. After a 4.3% increase, the cheapest listed NFT in the group now costs 0.47 ETH. At current prices, this equates to US$908. Meanwhile, the NFTs' market cap increased by 7% to 21,150 ETH. The 45,000 cards minted on Polygon and Ethereum, which were released last December for US$99 each, quickly sold out.
The purchase of these cards allegedly also enters the buyer into a sweepstakes for other prizes such as a personal meeting with the former president, golfing, and a cocktail hour at the Mar-a-Lago club. Donald Trump pleaded not guilty to 34 felony counts of falsifying business records in connection with his alleged role in hush money payments near the end of his presidential campaign in 2016. During the 2016 presidential campaign in the United States, Donald Trump was accused of having an extramarital affair with adult film actress Stephanie Clifford, also known as Stormy Daniels.
In the run-up to the election, Trump's lawyer, Michael Cohen, agreed to pay Daniels US$130,000 in exchange for her signing a nondisclosure agreement (NDA) that barred her from discussing the affair publicly. Cohen pleaded guilty to several charges in 2018, including making an excessive campaign contribution to Daniels with the hush money payment. Cohen claimed that he made the payment at the request of then-candidate Trump, who knew about it and authorized it.
Trump Digital Trading Card holders collectively sold 30 tokens in the hour following his court appearance, a 462% increase, and 47 over a six-hour period, according to data from secondary marketplace OpenSea. Though it was a significant increase, it was also a relatively small amount of activity in the NFT space. In comparison, Nakamigos, one of the top trending collections, had 1,286 sales in the same six-hour period. In December, the former president released a series of digital collectibles. A buyer could buy a token with his likeness for $99 and enter sweepstakes to win exclusive experiences with the former commander-in-chief. The collection quickly sold out, and the price on the secondary market more than doubled. The floor price has remained consistent at around 0.5 ether (ETH), or approximately US$930.