Initial Success and Enthusiasm

Former U.S. President Donald Trump has announced plans to release his fourth collection of non-fungible tokens (NFTs).

This announcement comes despite the mixed results from his previous Polygon blockchain-based digital collectibles. During an interview with Bloomberg, Trump reflected on the initial success of his first NFT launch.

He stated, "We had one year to sell it, and it sold out in one day. The whole thing sold out: 45,000 of the cards. I did it three times [and] I'm going to do another one because the people want me to do another one."

Market Performance and Declines

Trump's first NFT collection, launched on December 15, 2022, featured 45,000 digital trading cards priced at $99 each. The release generated significant interest, quickly selling out and causing prices to surge on secondary markets the following day.

However, by April 2023, the market for Trump's NFTs had weakened. Supply had more than doubled, and prices had plummeted. Sales slowed, indicating that many buyers were driven more by novelty than serious investment potential.

Subsequent Launches

The second set of NFTs also faced challenges. Prices dropped soon after its launch, reflecting a similar trend. The third release, "Trump Digital Trading Cards: MugShot Edition," launched in December last year.

This collection featured 100,000 NFTs and was released after Trump's legal troubles in Georgia. It proudly displayed his mugshot at the Fulton County Jail four months prior.

Despite the buzz and an initial spike in trading volume and floor price, this collection also failed to sell out.

"The thing I noticed was everything was paid in -- I would say almost all of it was paid in crypto, in this new currency." - Donald Trump

Trump's Evolving View on Crypto

Trump has recently shown a growing acceptance of the cryptocurrency space. During a May Mar-a-Lago event for holders of his NFT collection, he stated that he is "good" with the asset class. Additionally, Trump voiced his support for Bitcoin miners last month.

He noted, "The thing I noticed was everything was paid in -- I would say almost all of it was paid in crypto, in this new currency. It opened my eyes."

Industry Perspectives

Oscar Franklin Tan, Chief Legal Officer of Atlas Development Services and a core contributor to Enjin Blockchain shared his perspective on Trump's multiple NFT releases.

He told Decrypt, "Each of these is a key NFT use case, and no less than Trump demonstrating all of them together proves NFTs' value." Tan believes these releases represent a significant milestone for mainstream adoption of NFTs.

While reception has been mixed, Trump's ongoing interest in NFTs and cryptocurrencies signifies a notable development in the digital asset landscape. As he prepares for his fourth NFT collection, the market will watch closely to see how it performs.