Trump Unveils Intentions for Another NFT Collection and Crypto Industry Advocacy

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Key Takeaways

  • Trump is contemplating the release of a fourth NFT collection.
  • He expresses concern over potential Chinese leadership in the crypto industry.
  • He acknowledges that traditional banking leaders are becoming more open to cryptocurrency.

Former U.S. President Donald Trump has revealed plans for a potential fourth non-fungible token (NFT) collection while emphasizing the importance of American leadership in the cryptocurrency sector. 

In an interview with Bloomberg on July 16, Trump discussed his experiences with NFTs and shared his thoughts on the future of digital currencies.

Trump’s NFT Success and Future Plans

Trump expressed his intention to launch another NFT collection, citing popular demand. Reflecting on the success of his most recent collection, “MugShot,” which was themed around his ongoing criminal indictments, Trump noted, “We had one year to sell it out, and it sold out in one day.”

NFTs (non-fungible tokens) are blockchain-based digital assets that can take various forms, such as art, videos, or collectibles. They gained mainstream popularity in 2021 after Beeple’s “Everydays” sold for $69 million. Since then, celebrities like Eminem, Jimmy Fallon, and Trump have created unique NFTs, boosting their appeal and selling them to fans.

Trump also emphasized the need for the U.S. to maintain a leading position in the cryptocurrency industry, which he agreed is still in its infancy. He expressed concerns about the potential for other nations, particularly China, to dominate the field.

“I don’t want to be responsible for allowing another country to take over this sphere,” Trump asserted, adding that China is “pretty advanced in that sphere,” he explained. 

Trump also commented on the evolving attitudes of traditional banking executives towards cryptocurrency, citing Jamie Dimon, CEO of JP Morgan, as an example. 

“Jamie Dimon was, you know, very negative, and now all of a sudden he’s changed his tune a little bit.”

This observation comes from Dimon’s controversial comments at a Senate Banking Committee hearing in December 2023, where he stated, “If I were the government, I’d close it down,” referring to cryptocurrency.

Market Implications and Future Outlook

Despite the NFT market’s recent slowdown—with a 42.8% decline in June 2024, according to CryptoSlam data, Trump’s comments suggest a growing recognition of its potential. The former president’s experience with NFTs has been promising, with his first collection, launched in December 2022, selling out rapidly. 

The initial success was driven by novelty, with 45,000 digital trading cards priced at $99 each selling out quickly. However, in April 2023, the supply had more than doubled, leading to a significant price drop and indicating that initial interest was driven more by novelty than long-term investment potential.

The former president’s subsequent NFT launches have shown varied results. His third collection, “Trump Digital Trading Cards: MugShot Edition,” released in December 2023, featured 100,000 NFTs based on his mugshot from the Fulton County Jail. 

Although there was an initial buzz and a spike in trading volume, the Mugshot edition failed to sell out completely.

Despite the mixed reception, Trump’s multiple NFT releases are significant to mainstream adoption, according to Oscar Franklin Tan, Chief Legal Officer of Atlas Development Services. 

Tan argues that Trump’s demonstration of various NFT use cases “proves NFTs’ value” in a mainstream context.