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Trump Cards Jump Amid Impeachment, Strong Quarter for NFT Market – Bitcoin News
Sales of Donald Trump’s digital collectibles surged following news of his indictment in New York on Thursday. Meanwhile, a report revealed that the market for non-fungible tokens (NFTs) has seen its strongest quarter since early last year, reaching a trading volume of $4.7 billion, despite a weaker March.
Trump NFT’s Spike as former president is indicted
The official Trump Digital Trading Cards have seen a surge in sales, according to data from NFT market Opensea, following the news that the 45th President of the United States has become the first US head of state, past or present, to face criminal charges.
The sealed indictment by a Manhattan grand jury has more than 30 counts related to business fraud, media reports revealed. It comes after an investigation into an alleged hush money scheme involving adult film star Stormy Daniels, dating back to the 2016 presidential election.
The NFT collection was announced by Trump on social media in December when the first brand sold out within hours of its launch. The thousands of tokenized cards show him as just about anything masculine, up to a Superman character.
Following the indictment, sales surged well over 400% in one day, reaching a volume of over 90 ETH on Thursday (around $166,000 at the time of writing) and breaching a floor price of 0.59 ETH on Friday 31. March, the Opensea statistics show performance. The number of owners is now approaching 14,000, but prices have since returned to more average levels.
NFT trading volume to reach $4.7 billion in Q1 2023
According to a report from global decentralized app store Dappradar, NFTs have had a generally strong first quarter this year, despite a significant drop in sales in March. In Q1 of 2023, as a whole, trade volume increased by more than 137%, to $4.7 billion, which is the highest increase since the second quarter of 2022.
Dappradar also noted that Q1 was the first quarter when Opensea did not dominate the non-fungible token market. “The NFT market is evolving rapidly, with the emergence of new players and changing dynamics,” the authors highlighted.
“We have not recorded such a percentage since February 2021,” the platform pointed out in a blog post titled “NFT Marketplace War Doubles Trading Volume in Q1”, a reference to the competition between Opensea and Blur. The latter had over 57% of the market in the first three months of the year, more than 70% in March.
Do you think the NFT market will see steady growth in the coming months? Share your thoughts on the topics and your predictions in the comments section below.
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