Donald Trump is releasing his own NFT collection. Is this a signal of market bottom?
(image from collecttrumpcards.com under fair use)
Donald Trump is releasing his own NFT collection. Yes. You read that right. The 45th President of the US is releasing his own NFT collection.
https://collecttrumpcards.com/
Trump made the announcement himself through Truth Social, the social network he established after being banned from Twitter.
https://truthsocial.com/@realDonaldTrump/posts/109518512543023262
The NFT collection will feature 65 Donald Trump trading cards, and it will cost a whopping $99. Trump NFTs come at a moment when interest in NFTs has generally waned. The artwork looks kinda kitsch to be honest. It is as if they photoshopped Trump's head in different costumes. Plus, the cards come with a 10% royalty fee for secondary market sales.
The NFTs provide buyers exclusive access to a Trump managed MAGA community, autographs, 1 on 1 Zoom calls, dinner with Trump, golfing with Trump, and other perks.
This sounds like a Bored Apes Yatch Club but for Trump fans. What's next, TrumpDAO?
For hardcore MAGA supporters this could be a little digital paradise. The fan base of the former president will flock to mint the collections in hope of meeting Trump in person.
(Image from Donald J. Trump Twitter before he got banned)
It should be noted that during different points of his presidency Trump had been anti-crypto. With this move he is contradicting his previous attitude towards the industry.
Is this a cash grab from Donald now that he is facing multiple lawsuits and mounting financial problems?
Is he using his MAGA fan base as exit liquidity?
Is this a bottom signal for crypto?