Benzinga - by Mehab Qureshi, Benzinga Staff Writer.
Donald Trump’s initial foray into non-fungible tokens (NFTs), the ‘Trump Digital Trading Cards,’ has seen a spike in sales, with an 81% increase in the last 24 hours.
What Happened: Data from OpenSea, an NFT marketplace, indicates that within hours, sales figures for Trump’s NFT collection soared to 67 units sold. This surge aligns with the news of Vivek Ramaswamy ending his campaign for the 2024 U.S. presidential nomination and endorsing Donald Trump following a disappointing showing in the Iowa Republican caucuses.
Trading volume for the former president’s first NFT collection rose by over 92%, reaching 10.63 ETH. In tandem, Trump's second NFT collection also experienced a surge, with sales escalating by 28% and a 141% increase in trading volume.
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Why It Matters: Trump’s debut in the digital collectibles market occurred in December 2022. His NFTs, priced initially at $99 each, were immediately popular, selling out within a day. The value of these digital trading cards has appreciated substantially since their release.
Fast forward to April 2023, and Trump released the second series of his NFT collection. He has since announced a third collection, the ‘Mugshot’ series, on his Truth Social platform.
Separate from the sales surge, reports by Arkham Intelligence on December 27 highlighted activity in an Ethereum (CRYPTO: ETH) wallet, believed to be linked to Trump. The wallet reportedly transferred significant sums, 1,075 ETH or about $2.4 million, to the cryptocurrency exchange Coinbase over a span of three weeks. These movements are speculated to be proceeds from the NFT sales.
Price Action: At the time of writing, ETH was trading at $2,517, up 0.75% in the last 24 hours, according to Benzinga Pro.
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