Former President Donald Trump’s arrest in New York City has resulted in renewed interest in his NFT collection, with sales quadrupling in volume.
Trump’s Arrest Increases NFT Demand
Just prior to his New York City arraignment, former President Trump’s NFT collection experienced a renewed interest, with sales increasing by 462% after a long period of token holder dormancy. The spike in sales continued as he appeared in court on Tuesday to be indicted on criminal charges.
Reports from the NFT marketplace, OpenSea, revealed that the holders of the Trump Digital Trading Card had sold 30 NFTs within the hour following his court appearance. Over the next six hours, the sale number hit 47.
462% Increase In NFT Sales
The sale volume is still not that high, considering the average activity in the NFT space. For context, Nakamigos, which is one of the most popular NFT collections at the moment, clocked in over 1000 NFT sales in the same time period. However, the percentage of growth for the Trump Digital Trading Cards makes it newsworthy, with a whopping 462% increase across a six-hour period.
The NFT series, which dropped back in December 2022, offered digital collectibles featuring Donald Trump’s likeness, with an original price tag of $99. Buyers could also participate in a sweepstake to win exclusive experiences with the former president. Although the collection sold out immediately, and the mint price more than doubled on the secondary market, its floor price stayed steady at 0.5 ETH (approximately $930).
First U.S. President To Be Arrested
Trump has been charged with 34 felony counts of business fraud in New York through an alleged “catch and kill” scheme to cover up damaging information and illegal activities before the 2016 election in which he was elected as the 45th President of the U.S. A grand jury voted to indict Trump on all 34 counts.
Trump has been accused of making hush money payments to several individuals to cover up certain matters which could have impeded his presidential campaign. Although state law does not prohibit these kinds of payments, the fact that Trump had allegedly used business funds to make these monthly payments and then falsified business records could land him in trouble.
Under New York state law, falsifying business records is a misdemeanor charge. However, Manhattan District Attorney Alvin Bragg has also brought more felony charges by claiming that the records were falsified to cover up more serious crimes. Trump had pleaded not guilty to all 34 counts.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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