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Donald Trump's attempt to breathe new life into his NFT trading card business has faltered for a third time. With little success, the former president divests his considerable crypto holdings.
ETH Royalties Sold Off on Coinbase
According to an analysis by blockchain intelligence firm Arkham, Trump has sent the ETH he accumulated as NFT royalties to Coinbase. In the past three weeks alone, he has sold off 1,075 ETH, raking in $2.4 million.
Decrypt reported that despite the sell-offs, Trump still holds $2.2 million in various cryptocurrencies. This includes $1.4 million worth of ETH, $649,000 worth of WETH, $167,000 worth of MAGA coin, $340 worth of Pepecoin, and $145 worth of JESUS, amongst other holdings, as per AI Coin.
Trump's NFT Collections Lose Appeal
Initially, Trump's first NFT collection showed promise, appreciating substantially in value after its debut in December. However, his second collection struggled to maintain its original minting price of $99. The launch of a third NFT collection, the "Mugshot Edition," featuring artifacts from Trump's arrest in Georgia, further demonstrated a fatigue for Trump NFTs.
The "Mugshot Edition" failed to generate significant interest, with less than half of the collection minted. In addition, the announcement of this new edition caused floor prices on Trump's previous two collections to plummet.
Twitter Reactions and Speculations
While some Twitter users scolded Trump for not remaining dedicated to Ethereum, others speculated that he may be exploring alternative networks, such as Solana.
Despite these recent developments, Trump has not publicly commented on his decision to sell off his crypto holdings. However, during a campaign rally, he mentioned owing over $100 million in legal fees due to his ongoing criminal prosecutions.
As Trump continues to divest his crypto holdings, the future of his NFT trading card business remains uncertain. With declining interest and struggling collections, it is unclear whether he will venture into other crypto-related endeavors.
Photo: Traxer/Unsplash
