As the world is moving toward the fourth industrial revolution, Non-Fungible Tokens (NFT) play a major role in supporting artists and creators. At the start of this year, there was a continuous growth of interest in users for NFTs and digital assets. In 2021, NFT generated more than $25 billion through sales of art, music, and video games in the Metaverse. OpenSea remained the largest NFT marketplace by its trading volume in Jan 2023 ($495 million).
At the end of 2022, Polygon experienced a huge growth rate of 124%, increasing to $46 million in NFT trading volume. The launch of Donald Trump NFTs helped the Polygon blockchain. Each NFT is sold at $99. Surprisingly, all the NFTs were sold out like hot dogs within a day.
The collection was above the mint price in December due to heavy demand from fans, collectors, and investors. With a price of $99, the user purchased more than 10 Trump Digital Trading Cards. At the start of 2023, Trump’s NFTs faced low trading and a decline in price due to licensing mistakes and internal minting. Some of the critics on social media platforms called NFTs a scam due to their sudden drop in trading volumes.
Earlier, Trump partnered with a former business partner to increase the sales of his online trading cards. NFT INT LLC is the company that purchased the rights to use Trump images to create NFTs. The company clarified that the money raised after the sale of NFTs will not be used to fund Trump’s 2024 presidential elections.
Crypto analysts said Trump’s “Digital Trading Cards” were respectable, but they were far behind other NFT projects like Yuga Labs, Bored Ape Yacht Club, and Doodles. In 2022, Bored Ape Yacht Club completed $1.57 billion in sales. In January, Yuga Labs recorded 34.3% of transactions.
Many of the Trump cards had his image in various avatars like superheroes, astronauts, and cowboys. As per public data, most buyers were die hardTrump fans rather than the crypto enthusiasts, who invest on the NFTs. Not long ago, Trump called NFTs a ‘scam.’
A senior analyst at blockchain analysis firm Elliptic Arda Akartuna said, “In the grander scheme of things, this collection has not replicated the big hitters emerging during the NFT boom.”
The debate about NFTs on Bitcoin is heating up. The community is divided over whether Non-Fungible Tokens (NFTs) will fit into the Bitcoin network. On January 21, Casey Rodarmor, a Bitcoin developer, announced inscriptions and NFTs on Bitcoin. He tweeted, “Inscriptions are already really cool! They are fully on chain, with content stored in transaction witness.”
The argument for NFT protocol on the Bitcoin mainnet is that digital artifacts will credit economic growth for Bitcoin and increase demand for block space. In contrast, some say it is against the creator of Bitcoin, Satoshi Nakamoto’s vision of a peer-to-peer cash system.