An NFT (non-fungible token) collection featuring former U.S. President Donald Trump has sold out, causing the price of the tokens to surge. The collection, which was released on the Ethereum blockchain, featured a series of images and statements from Trump’s time in office.
According to reports, the collection was highly sought after and sold out within hours of its release. The demand for the tokens caused their price to skyrocket, with some selling for over 10 times their original value.
The success of the Trump NFT collection highlights the growing popularity of NFTs, which are digital assets that are unique and cannot be exchanged for other assets of equal value. NFTs have gained traction in the art world, with works by famous artists selling for millions of dollars. However, the Trump collection shows that NFTs are also gaining popularity outside of the art world, with people willing to pay significant amounts for unique digital items with historical or cultural significance.
The creators of the Trump NFT collection have not yet revealed how much the collection sold for overall, but it is clear that the demand for NFTs is continuing to grow. It will be interesting to see how the market for NFTs develops in the coming years, and what other unique digital items will be released in the future.
In a symbolic move to transfer a valuable digital collectible from Ethereum to Bitcoin, the owner of Bored Ape Yacht Club (BAYC) #1626 burned the NFT, effectively removing it from circulation. Despite Yuga Labs deeming the Ape illegitimate, it remains a highly prized NFT, having sold for almost $432,000 in November 2021. Non-fungible tokens (NFTs) represent unique digital assets, including digital art, and are linked to a digital token recorded on a particular blockchain network, in this case Ethereum.