Donald Trump NFTs cause controversy and sell-out, crashes over 50%

The release of former President Donald Trump's non-fungible token (NFTs) collection has caused quite a stir in the world of cryptocurrency. NFTs, which are unique digital assets that can be bought and sold, has gained a lot of attention in recent years as a new way to own and trade art and other collectibles.

Image source: OpenSea

Used to add ownership to digital art and collectibles, NFTs also serve to gamify and add ownership to in-game items within NFT games. This gives investors many ways to profit from their art and gameplay.

The release of Trump's NFTs, which included a variety of items such as hand-drawn art inspired by Trump’s life and career, was abruptly released. The collection received a wide audience and investors which caused the collection to quickly sold out. The demand for the NFTs was so high that the original price doubled as a result. 

The collection was composed of 45,000 collectible trading cards, each originally priced at $99 per piece. Each card features Trump dressed as a heroic figure such as a superhero or an astronaut. 

Afterward, the trading card collection crashed by over 50% after the 12-hour selloff frenzy. From a floor price that peaked at roughly 0.84ETH($1,182) on Saturday, it went for as low as 0.33 ETH($390) as time went by.

Raised Issues

The sale of Trump NFTs reignited a past tweet by former U.S. president Trump showcasing his negative views on Bitcoin and Cryptocurrencies like Ethereum. The tweet was published back in July 2019 in which he states that “Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity”

But beyond just the financial implications, the release of the Trump NFTs has also raised questions about the ethics of using political figures and their views for profit. Some argue that the sale of NFTs is inappropriate and that it commodifies politics and politicians in a way that is not respectful. Others counter that the sale of NFTs is a legitimate form of free expression and that it allows people to express their support or opposition to political figures in a unique and innovative way.

Regardless of where you stand on the issue, it's clear that the release of Trump's NFTs has sparked a discourse about the role of blockchain technology in the world, and the ethical implications of using political figures for profit. 

As the use of NFTs continues to grow and evolve, it will be interesting to see how these debates play out and how the art world adapts to this new technology.