Sales of Donald Trump’s digital collectibles surged following news of his impeachment in New York on Thursday. Meanwhile, a report revealed that the non-fungible token (NFT) market has experienced its strongest quarter since the beginning of last year, reaching a trading volume of $4.7 billion, despite a weaker March. .
Trump’s NFTs Rise as Former President Is Impeached
The official Trump digital trading cards have posted a surge in sales, according to NFT Opensea market data, following news that the 45th President of the United States has become the first former or incumbent US head of state to face criminal charges.
The indictment sealed by a Manhattan grand jury has more than 30 counts related to business fraud, news reports revealed. It comes after an investigation into an alleged secret money payout 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 badge sold out within hours of launch. The thousands of tokenized cards depict him as just about anything masculine, right down to a Superman character.
After the indictment, sales increased well over 400% in one day, reaching over 90% volume. ETH on Thursday (around $166,000 at time of writing) and breaking above a price low of 0.59 ETH on Friday 31 March, the Opensea stats show. The number of owners is now approaching 14,000, but prices have since returned to more average levels.
NFT Trading Volume Hits $4.7 Billion in Q1 2023
According to a report by global decentralized app store Dappradar, NFTs have had an overall strong first quarter this year, despite a significant drop in sales in March. In the first quarter of 2023 as a whole, trading volume expanded 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 that Opensea did not dominate the non-fungible token market. “The NFT market is rapidly evolving, with the emergence of new players and changing dynamics,” the authors noted.
“We have not registered such a percentage since February 2021,” said the platform in a blog post titled “NFT Marketplace War Doubles Trading Volume in First Quarter”, a reference to the competition between Opensea and Blur. The latter had more than 57% of the market in the first three months of the year, more than 70% in March.
Do you think the NFT market will experience stable growth in the coming months? Share your thoughts on the themes and your predictions in the comments section below.
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