Donald Trump unveils $99 NFT trading card collection minted at Polygon, embraces crypto and collectibles
- Donald Trump released a collection of 45,000 NFTs in the Trump Digital Trading Cards collection.
- The former US president’s $99 collection is featured on Polygon, and experts consider this a play to increase crypto users’ involvement in politics.
- The MATIC price is currently in an uptrend and the Ethereum scaling token is near the weekly low of $0.8708.
Donald Trump, former US president and an American media personality, dropped his NFT collection of trading cards minted on the Polygon network. The collection contains 45,000 NFTs for $99 each. The price outlook on Polygon’s Ethereum scaling token MATIC is bearish for the week.
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Donald Trump launches NFT collection with real benefits for buyers at Polygon
Donald Trump, the 45th President of the United States, an American media personality and entrepreneur, threw his weight behind digital collectibles and Non-Fungible Tokens (NFT). Trump launched his collection of 45,000 trading cards that feature the politician in superhero, astronaut and other costumes and offer real-world benefits to collectors.
The trading card collection is imprinted on Ethereum’s scaling solution Polygon’s network. NFT enthusiasts can get a collectible for $99. Experts believe Trump’s move is an attempt to combine NFT fan engagement with politics ahead of the next presidential campaign.
The floor prices of top NFT pools such as CryptoPunks, CloneX and Sandbox Land decreased in the past month, according to Nansen data. The falling floor prices indicate a loss of interest among users, combined with shrinking trading volume, is the nail in the coffin for digital collectibles.
NFT market floor prices on leading collections sourced from Nansen
The recent initiative by celebrities and influencers to sell their digital art and collectibles is an attempt to promote an improvement in the Non-Fungible Token ecosystem. Qatar 2022 recently announced that fans will be able to purchase iconic NFTs for moments. Ahead of the World Cup, FIFA, Budweiser and Visa launched their digital art collectibles to kick off Qatar 2022.
Donald Trump’s NFT collection is losing value on the secondary market
On OpenSea, a peer-to-peer marketplace, the floor price dropped below $99 several times. The Trump Trading Cards collection is losing value in the secondary market based on data from OpenSea’s analysis section.
Floor price of NFTs from the Trump Trading Cards collection
MATIC’s price outlook remains bearish
MATIC price is currently in a short-term uptrend on the four-hour chart (see below), within a long-term downtrend that started in December 2021. The Ethereum scaling token is trading near the weekly low and a key trendline at $0.8708. MATIC price has found temporary support on the trendline, formed a bullish engulfing candlestick, and looks set to rally higher from here.
MATIC/USDT price chart
Prior to the recent price decline, MATIC’s 200-day EMA and 50-day EMA acted as resistance in weeks one and two of December, and they are likely to do the same in the future. The resistance from these MAs is located at the $0.9000 level, suggesting that any gains could be capped at that level.
In the event that the MATIC price plunges below the trendline and the weekly low of $0.8708, the layer-2 solution token may extend its losses further, as it will suggest that the short-term trend has turned bearish. This is possible, given the long-term trend is still bearish.
However, a break past the 200-day and 50-day EMAs of $0.9023 would invalidate the bearish thesis and signal a continuation of the rally in MATIC price, and an extension of the short-term uptrend.
