Just last year, former US president, Donald Trump introduced a new NFT collection, after two previous ones he described as "huge successes".
Trump is on and off of news owing to his stance on cryptos. He was in news last for dumping millions of dollars worth of crypto on the market, but why did he do it and did he really even dump?
But first, let's talk about his NFT venture.
In December 2020, Trump released his first NFT collection. This collection featured digital trading cards featuring pictures of himself and his family.
Seeing as his presidency was still fresh, and set to end in 2021, this collection turned out to be a massive success, with some cards selling for over $10,000 on the secondary market.
His second collection launched in April 2021. This collection featured more trading cards of himself and his friends but with a higher minting price of $99. This collection was created to replicate the success of the first but flopped to some degree.
At the end of the day, most cards traded below their original value, but still fetched handsome returns.
His third and latest collection, which he called "Mugshot", however, was a marketing disaster.
The collection featured 45,000 NFTs that showed Trump in various settings, wearing the same suit he wore during his indictment for electoral fraud in Georgia in September 2021.
The collection was meant to be a mockery of his critics who have commented on his legal woes. However, this plan backfired terribly.
According to data from OpenSea, all 45,000 NFTs have only been bought by about 6,192 individuals, with the floor price dropping to $0 in less than two weeks.
These NFT flops may have pushed Trump to the edge, and are forcing the former president to throw in the towel.
According to a tweets from Arkham Analytics, Trump has begun sending his crypto holdings to Coinbase to be sold.
Arkham says that Trump sent a total of 1,075 ETH to Coinbase and sold them for $2.4 million in the last three weeks, after "months of accumulating Trump NFT royalties".
According to Arkham Intelligence's dashboard, Donald Trump still holds about 589 ETH worth $1.4 million, 273 WETH worth $656k, 579 Trump NFTs worth $177.5k, and about 4.6 MATIC worth $4.77k.
Nobody knows why Trump has been dumping his crypto on the market. However, many have speculated that he may need the funds to settle over $100 million in legal fees, for criminal charges related to tax evasion, obstruction of justice, incitement of insurrection, and election fraud, among others.
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