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- 1 Donald Trump released the Trump Trading Cards Collection last year.
- 2 The Ukrainian government has also raised funds using crypto assets in the past.
NFTs attracted famous personalities from various spaces and politicians are among the latest set of powerful figures to use these digital assets. A report issued by data aggregator DappRadar titled ‘Political NFTs Are America’s Next Fundraising Weapon,’ studied recent instances of NFTs potentially being utilized for political fundraisers.
Trump Family Have Grossed Over $30 Million From NFTs
Donald Trump, former United States president and candidate for the 2024 election, brought the NFT trend on political grounds. He released the Trump Trading Cards Collection in December 2022 which quickly garnered significant attention. The 45,000 piece collection stacked over $4 MIllion within 12 hours. Apparently it received much attention in secondary sales and raised nearly $12 Million.
Data from the biggest NFT marketplace, OpenSea, shows Trump’s NFTs have lost momentum. The collectibles had a trading volume of around $21K only as on July 3, 2023. It has raked over $8 Million to this date. Melania Trump, former first lady of the U.S., released an NFT collection dubbed ‘The 1776 Collection’ recently on the occasion of the country’s Independence Day which propelled Trump Trading Cards sales.
The report highlights that the Trump family has grossed more than $30 Million from NFTs. For a short time span, the images used in tokens became controversial according to Pennsylvania-based newspaper, The Intelligencer. Claims were made that many of the fancy pictures of Trump are subjected to copyright. Trump had suggested in July 2019 that crypto assets may facilitate unlawful behavior.
According to Washington-based newspaper, The Politico, Donald Trump’s presidential campaign has raised $35 Million during Q2 2023. However, the actual amount raised in the campaign is still undisclosed. His political rival, Florida Governor Ron DeSantis, raised $8 Million in the first 24 hours of his campaign.
The DappRadar report sheds light on the relationship between the Trump NFTs and political news. It appears like NFT prices fluctuate based on events happening around relevant industries. The Trump Trading Cards lost value after the former President was placed under arrest following mishandling of classified documents. However, the volume surged upon his return to social media platforms including Facebook and Twitter.
NFT Market Has Plunged 4% in A Month
The Ukrainian government also raised funds using digital assets amid Russia’s invasion in the country. They entered into a partnership with NFT platform FAIR.XYZ and raised over a Million dollars within a short timespan. Moreover, a warning was issued that Russia may launch cyber attacks to disrupt the initiative. Ukraine has raised around $100 Million using crypto assets.
Another data aggregator, Dune Analytics reported a sharp drop in number of buyers and sellers in the the NFT market. Data from CryptoSlam, another data aggregator, shows global volume has plunged by over 4% during May and June 2023.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
