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Donald Trump’s NFT collection drops 20% in value following indictment

Donald Trump’s NFT collection drops 20% in value following indictment

After the news came out that former United States President Donald Trump was officially indicted by a Manhattan grand jury on around two dozen counts last week, the price of his non-fungible token (NFT) collection, known as Trump Digital Trading Cards, has been steadily decreasing in price.

As it happens, Trump has been charged with multiple counts related to business fraud in what was the first incident in American history that a current or former president stands accused of wrongdoings, and the NFT line featuring his image seems to have responded with a drop in value, as per the data retrieved by Finbold on April 4.

Specifically, on March 31, the floor price of the former President’s NFT collection stood at 0.599 Ethereum (ETH). As the indictment became publicly known, the price started to decline, at press time amounting to 0.47 ETH (after briefly dropping to as low as 0.42 ETH on April 3), which means it has declined 21.54% during the observed period.

Floor price of Trump Digital Trading Cards. Source: OpenSea

At the same time, Trump Digital Trading Cards are currently owned by a total of 13,951 individuals, which equates to a 31% unique owner rate, lower than in late December 2022, when there were 15,075 owners of Trump’s NFT trading cards, with a 34% unique owner rate.

Origins of Trump Digital Trading Cards

As a reminder, the collection debuted in December 2022 with a total of 45,000 NFTs, and during the early entry period, each NFT playing card from the collection cost $99 apiece. The cards portray the former U.S. president as various heroic figures, but the company that created them has made it clear that he is not “owning, managing, or controlling” them in any way. 

Interestingly, Trump wasn’t always a fan of cryptocurrencies, stating in July 2019 that he considered them “highly volatile” in value and “based on thin air,” facilitating “unlawful behavior, including drug trade and other illegal activity,” as well as referring to Bitcoin (BTC) as a “scam” in 2021. However, all the proceeds from the sales of his NFT collection are now set to go straight to him.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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