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Donald Trump’s supporters are truly unmatched in their fandom for the former president. After announcing a 2024 Presidential bid, Trump is once again pushed to the center of a media frenzy. A mid-December announcement of a non-fungible token (NFT) drop has given plenty of ammo to opponents of a Trump presidency. Critics are labeling the Trump NFTs as a grift. And yet, they show Trump can still leverage astonishing amounts of merchandising revenue from even the slow-rolling NFT space.
NFTs have had little momentum going for them in recent months. Many had labeled the digital tokens a fad, at least in their current digital art niche. And in the second half of 2022, many of those critics probably feel quite vindicated. Trading volume had dropped 97% between January and September of this year, and price declines show that the market isn’t the cash cow it once was.
No project exemplifies this like the Bored Ape Yacht Club NFT collection. Consistently ranking among the top NFT projects, not even Bored Apes have escaped NFT volatility. At the time of FTX’s early November collapse, Bored Ape prices were down 82% from their peak prices.
Meanwhile, Donald Trump has seen his own share of volatility. The former President, though looking to secure a second term, is struggling to hold the enormous momentum among Republicans he once held. Trump has seen a drastic decline in support from GOP voters after his campaign announcement. Political commentators suggest that Trump is in for a major struggle among his own political allies, too, speculating a run by the once-Trump ally Governor Ron DeSantis and others.
Obviously, there are rough waters facing both Trump and the NFT industry. Though, the former President has proven that he still holds enough support to turn a dying industry into a personal cash cow.
Trump NFTs Net Former President Millions in 12 Hours
The Trump…
