Trump NFTs Generate Over $1.2M in Trading Volume

The latest round of digital non-fungible token (NFT) trading cards have dropped, featuring former US President Donald Trump. Polygon minted 38,001 cards, which were launched at a price of $99 each on April 18. According to data from NFT marketplace OpenSea, the Trump NFTs currently have a floor price of 0.0659 ETH ($145) and have generated over $1.2 million in trading volume. With a 10% creator fee, the sales have generated over $100,000. The initial subscription generated $3.76 million in revenue based on a sale price of $99.

Posting on Instagram, Trump revealed that he kept the price of the NFTs the same as the first series “because I want my fans & supporters to make money, & have fun doing it.” He added, “I could have raised the price MUCH HIGHER, I believe it still would have sold well, with a lot more money coming to me, but I didn’t choose to do so. I WILL BE GIVEN NO ‘NICE GUY’ CREDIT?”

The initial series, which was launched on December 15, has seen its floor price drop by 61% in the last 24 hours according to OpenSea, although the trading volume has increased by 1,011%.

In other news, Big Tech firm Meta has allowed teens from the US and Canada to use its virtual reality (VR) app, Horizon Worlds, after previously restricting access to people aged 18 and over. The decision follows a shortfall in monthly active users for the app in 2022, recording an average of just 280,000 over the year, compared to its target of 500,000, according to Statista. However, various advocacy organizations and safety groups have urged Meta CEO Mark Zuckerberg to halt plans to allow minors into its metaverse. An open letter published on April 14 argued that Meta should wait for more peer-reviewed research on the potential risks of allowing youths in the metaverse, claiming minors will face harassment and privacy violations on the VR app, which is still in its early stages. Meta has attempted to address these concerns by emphasizing its plans to mitigate risks through features such as parental supervision tools and limiting interactions between teens and adults they don’t know.

Global sportswear brand Nike also entered the NFT market, launching its first collection through its Web3 community platform, .SWOOSH. The collection features a digital version of its “iconic” Air Force 1 sneaker from 41 years ago. The Polygon-based NFTs are priced at just under $20 and are available to all .SWOOSH members. According to Nike, the NFTs will provide a range of perks such as “special access to physical products and experiences.” Nike added that it will “introduce other new utilities and benefits” to its virtual creations in the near future. 

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Trump NFT Floor Price Surges on Indictment News

The world of non-fungible tokens (NFTs) has been a hot topic in recent months, with an increasing number of investors looking to cash in on these unique digital assets. One of the latest developments in this space involves the Trump Digital Trading Cards NFT project, which has seen a surge in floor price following news of former President Donald Trump’s indictment.

According to data from OpenSea, the floor price for the officially licensed Trump Digital Trading Cards NFT project rose from 0.46 ETH (or $835 at current prices) to as high as 0.6 ETH ($1090) on March 30, the same day that a New York Grand Jury voted to indict the former president. However, the floor price has since fallen back to around the 0.51 ETH range, which is still significantly higher than the initial mint price of $99 when the project launched in December 2022.

The Trump Digital Trading Cards NFT project offered exclusive one-on-one experiences to certain NFT hodlers when it launched, including private golf sessions, dinners, and conversations with Trump. However, the recent news of his indictment could potentially impact his ability to deliver on these experiences.

The surge in the Trump NFT’s floor price is just one example of the increasing popularity of NFTs. According to a March 30 report from blockchain analytics platform DappRadar, there was $4.7 billion worth of NFT trading volume in Q1 2023, more than double that of the previous quarter. The report pointed to bullish action from the Blur marketplace, which took the market by storm during its token airdrop farming period in February.

The report also showed that there were 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.

Another recent development in the NFT space involves the Japanese gaming giant Square Enix, which has released NFT trading cards in celebration of the 25th anniversary of Final Fantasy VII. The Final Fantasy VII Anniversary Art Museum Digital Card Plus collection features five physical cards and a sixth digital NFT card. However, despite being called trading cards, Square Enix stated on its website that the NFTs couldn’t be traded or transferred at this stage unless the company decides to build a marketplace in the future.

The packs were dropped on March 31 and cost around $3.30 a pop, with the card artwork depicting various characters and scenery from the iconic Final Fantasy VII game. While it is unclear if the firm intends to build a marketplace to support its digital collectibles, Square Enix has been gradually ramping up its NFT and blockchain gaming-related initiatives over the past few years, suggesting something could be in the works.

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Stop the steal? Trump family threatens legal action against TrumpCoin

A low cap cryptocurrency named TrumpCoin (TRUMP) has finally drawn the ire of the Trump dynasty six years after it entered the market.

On Jan. 25, Donald Trump’s second son Eric threatened legal action against the TRUMP cryptocurrency for allegedly using his family’s name fraudulently.

TRUMP is a cryptocurrency that launched in Q1 2016 as the campaign season to elect the 45th President of the United States began. It claims to be “A Cryptocurrency created by Patriots for Patriots around the World.”

The TrumpCoin team apparently anticipated litigation at some point from the Trump family. About 24 hours after Eric’s threat, the TrumpCoin Twitter account fired back by highlighting a disclaimer on its website acknowledging that TrumpCoin is in no way affiliated with the Trump family or any of its related properties.

TRUMP is currently trading at $0.28 with a 24-hour trading volume of $13,313 according to CoinGecko.

The Trump family is no stranger to the crypto industry. Melania Trump recently auctioned off a hat she wore while she was the First Lady. Payment was made in Solana (SOL). She also congratulated Bitcoin (BTC) on its 13th birthday at the start of this year.

Donald Trump, however, does not hold cryptocurrency in as high regard as his wife. Last October, he said that cryptocurrency is a threat to US Dollar hegemony in the world. He also said that he hopes digital currencies like China’s Digital Yuan do not create insurmountable competition for the dollar.

TRUMP joins a short but growing list of crypto pro that have come under fire over naming and branding rights. 

Related: Kanye West wants royalties from Paparazzi photos, with the help of NFTs

The estate of Lord of the Rings author J.R.R. Tolkein took aim at the crypto named JRR Token for using the author’s name. On Nov. 23 of last year, the crypto was forced to shut down and delete any content that infringed on the estate’s copyrighted intellectual property.

Popular fast food restaurant Jack in the Box also sued FTX over copyright infringement. The chain alleged FTX’s “Moon Man” mascot copied its “Jack” mascot. The case was settled out of court on Jan. 21.

Ripple Labs was sued in Australian court last August for copying the name of a preexisting nationwide payments service named PayID.