The popular Donald Trump-based NFT collection‘s sales of Trump Digital Trading Cards have increased 2526% during the past 24 hours. Since December 2022, these digital collectibles, also known as Trump NFTs, have gained enormous popularity and generated a lot of hype in the NFT industry.
Fox News vs. Dominion Suit Climax Causes Trump NFTs to Skyrocket by 2526%
The latest 24-hour period saw 1,498 purchases for Trump NFT collection, according to on-chain data from OpenSea. Additionally, the trading volume for these digital items increased by almost 882%. However, the average floor price decreased 53% over the last 24 hours despite increases in volume and sales.
Why Have These NFTs Increased and Decreased?
The rise and fall of this NFT collection’s market performance appeared to be caused by two occurrences.
First Occurrence
Firstly, on Tuesday, former US President Donald Trump announced the release of the second series of the Trump NFT collection. 45,000 NFTs were shown as part of Series 1 of the collection on the Polygon blockchain. 13.956 owners were present. 65 percent of those accounts had several NFTs. However, there are 47,000 collectibles in the recently released Series 2.
Second Occurrence
Second, the major US media firm Fox News has acknowledged that it has paid $787.5 million to resolve the defamation claim brought by Dominion, a US voting equipment manufacturer, in favor of the plaintiff. This development in the Dominion v. Fox News litigation could have an unintended effect on NFTs.
The 2021 lawsuit was brought about because Fox News erroneously claimed that Dominion rigged the 2020 US election to President Joe Biden’s advantage. It was suggested that the broadcaster’s coverage of the election was slanted in favor of former US President Donald Trump. This incident thus became one of the possible causes for this exclusive NFT collection’s trend.
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