Digital collectibles linked to Donald Trump surge following his 34 felony count indictment.
The floor price for the prison-themed NFTs hovers around $31, but given the frenetic activity, an increase in price could be in the offing.
The digital collectibles appear to be a knockoff from the original Trump NFTs collection.
As former President Donald Trump faces an uphill legal battle, a new non-fungible token (NFT) is profiting from his woes to achieve a 3,000% increase in daily trading volume.
Trump Criminal Digital Cards, an NFT collection, has been gaining significant buzz following Trump’s criminal indictment in New York. The Ethereum-based NFT collection represents the former president in prison attire while borrowing elements from Trump’s original NFTs.
The collectible is made up of 945 NFTs, and in the last 24 hours, 28 items were traded with data analytics platform Nansen describing the deals as “Smart Money Buys”. The floor prices for the NFTs surged to 0.017 ETH while trading volumes spiked by over 3,600 percent.
Launched two weeks ago, Trump Criminal Digital Cards has a market value under $23,000 compared to Trump’s legitimate NFT collection which stands at just over $42 million. Pundits aver that as the criminal case against the former president heats up, the knockoff NFTs could post impressive figures or die a natural death if courts rule in favour of Trump.
The former president is charged with falsifying business records in connection with alleged hush money made to pornographic film actress Stormy Daniel back in 2016. The digital collectibles portraying Trump in jail made their upward climb following Trump’s April 4 appearance at the Manhattan District Attorney’s office.
The knockoff NFTs are not the only ones surging in the wake of Trump’s indictment, as the original Trump Digital Trading Cards recorded a spike in activity. Floor prices for the Trump-endorsed NFTs are currently nearing the $1,000 mark, while trading volumes over the last 24 hours stand in excess of $64,000.
Knockoff digital collectibles are rising as bad actors flood marketplaces with counterfeit NFTs. NFT marketplace Magic Eden was hit by a spate of unverified NFTs that caused users losses, running into thousands of dollars at the start of the year.
Magic Eden disclosed that a bug triggered the listing of the unverified NFTs, pledging to refund users that bought the counterfeit versions. Popular collections yOOts and ABC were the most affected, while digital collectible DeGods urged investors to confirm the authenticity of NFTs before making a purchase.
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