Benzinga - In a rather strange move from the former president, Donald Trump recently released a non-fungible token (NFT) collection at what may be one of the worst times possible. At the bottom of the current recession and a little over a month after the FTX Trading Ltd. collapse, Trump released an NFT collection — and it’s going incredibly well.
What happened: Trump released an NFT collection for $99 per Trump Collection Card. Despite the overall market volatility, the collection sold out in less than a day and shot up 1,000% in price.
Beyond the initial shock of a former president releasing an NFT collection, many are likely shocked by its success. A year ago, a somewhat successful NFT project wouldn’t be too surprising because NFTs were doing billions in volume per day. Now, NFT volume has seemingly ground to a halt in many markets.
Despite this, the project not only sold out in less than a day, but it reached highs of nearly 1,000% gains on OpenSea. The NFTs initially sold for $99 each but reached highs of 0.84 Ether (CRYPTO: ETH) or $990. Despite a severe pullback, the NFTs are still up roughly 400% to 0.34 ETH, or about $400.
As many were seemingly willing to write blockchain and NFTs off completely, this might be turning some heads. Institutional interest seemingly hasn’t waned in the blockchain-gaming space, so this could be a sign of a turnaround.
Blockchain marketplace startup Gameflip has raised over $615,000 through StartEngine, after raising $10 million from Silicon Valley venture capitalists. This indicates strong demand in the startup investing sector and from the retail crowd.
To stay updated with top startup investments, sign up for Benzinga’s Startup Investing & Equity Crowdfunding Newsletter
Trump Cards were built on the Polygon blockchain, which hasn’t seen a ton of volume on OpenSea. Typically, the platform sees sales primarily in Ethereum, but with the release of Trump’s NFT project, Polygon sales saw a new record daily sales amount of over $3.14 million in one day.
See more on startup investing from Benzinga.
- This Unexpected Economic Safe Haven Might Be Your Best Bet To Weather The Current Storm
- Gaming Skins Just Became A $50 Billion Industry
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.