TL;DR
- Donald Trump has launched the “Trump Bitcoin Digital Trading Cards” NFT collection on the Bitcoin network through the Ordinals protocol.
- The collection includes 200 cards, available on Magic Eden, with special incentives for those who purchase 100 cards from the “Mugshot Edition”.
- The NFT market showed partial recovery in 2024, with Bitcoin and Ethereum leading sales, although it still struggles with oversaturation.
Donald Trump has launched his new NFT collection, “Trump Bitcoin Digital Trading Cards,” using the Ordinals protocol on the Bitcoin network. This collection initially consists of 160 pieces, with a total of 200 cards planned. Buyers can purchase these cards through the Magic Eden platform by linking their Bitcoin wallet to access the “Mugshot Edition,” which offers special incentives for those who acquire 100 cards.
This launch marks the President’s first venture into the Bitcoin NFT market, although he is not new to the NFT space. In 2024, he introduced the “Trump Digital Trading Cards” series, which included the “America First” edition, offering benefits such as themed sneakers and meals with the magnate. Despite initial enthusiasm, that series did not achieve significant trading activity.
The Slow Recovery of NFTs
The NFT market has partially and progressively recovered after falling into a tough period of oversaturation, where 98% of collections did not generate relevant trading activity. Only a small percentage of new releases proved to be profitable. In 2024, total NFT sales reached $8.8 billion, with Bitcoin and Ethereum leading the market, each with $3.1 billion in sales. However, this recovery has not been enough to counter the value losses that many collections suffer shortly after their launch.
Currently, platforms like Magic Eden and collections like Pudgy Penguins are launching their own tokens, helping to diversify the market. Additionally, OpenSea, one of the strongest players in the market, is expected to launch a token in 2025.
Can Trump Help Revive the NFT Market?
Meanwhile, Trump’s new collection on the Bitcoin network could be an attempt to leverage the resilience of this technology in the NFT market. At the time of writing this article, 31% of the collection had already been minted, indicating considerable initial interest. However, it remains to be seen whether this series will maintain its momentum in a market still grappling with structural challenges.
It is worth noting that Kraken, the well-known exchange, shut down its NFT marketplace to focus on other projects, giving users until February 2025 to withdraw their assets.
