Are NFTs Back? NFTs Foothold on Popular Culture Continues

Former US President Donald Trump has announced the launch of his latest NFT collection: “Mugshot”. The collection, which is effectively an edition of the Trump Digital Trading Cards collection launched earlier this year, includes 100K tokens priced at $99 each.

The popularity of the latest edition has resulted in the price of NFTs from the previous editions experiencing extreme volatility on secondary markets after the announcement. According to NFT Price Floor, the second set of cards has seen its value increase by 935% over the past 7 days while the original set saw its value drop by 27.5% at the time of writing.

Trump Doubled Down on NFTs

The launch of the collection’s third set follows the former president’s legal woes in Georgia after being indicted back in August. The mugshot taken as part of the proceedings immediately became a sensation among Trump’s supporters, resulting in an avalanche of merchandise and memes.

The 47 cards in the collection display the former president in different situations and locations while also emulating characters as popular as Captain America. Those who acquire all 47 cards in a single transaction will receive a piece of the suit Trump was wearing when the mugshot was taken. As if that was not enough for his fans, they will also have the chance to dine with the former president at Mar-a-Lago.

Trump Mugshot Card
Trump Mugshot Card

As part of the conditions of the edition, users are unable to transfer their NFTs until December 31 of this year. This has resulted in collectors rushing to acquire the NFTs while also making it impossible to acquire them in secondary markets.

NFTs Are Still Going Strong

While the former president’s new NFT collection has been one of the major announcements in the NFT world over the past few weeks, it is far from the only one. Names like FIFA, Square Enix, Megadeath, and Ubisoft all took major steps into the world of NFT this week.

Square Enix and Ubisoft, two of the biggest companies in the gaming world, announced the auction and mint dates for their first NFT-based titles: “Symbiogenesis” and “Champions Tactics: Grimoria Chronicles”. Both gaming giants had expressed interest in incursions into the NFT space and received harsh criticism from their communities.

FIFA, on the other hand, collaborated with Modex to launch a “new dual digital collectible” for the FIFA Club World Cup Saudi Arabia 2023. With 100 collectibles available on FIFA Collect+ starting on December 15, fans will get to immortalize iconic moments in the competition.

Another major announcement this month came from the music industry, with trash metal legendary band Megadeth announcing its “Megadeth Digital” collection. With 5000 pieces, the NFTs in the collection will all serve as a digital passport to the band’s metaverse community and unique experiences.

Is the NFT Market Recovering?

While the latest announcements have been well received by the NFT community, the last couple of months have not been easy for the industry. A Binance report found back in October that the third quarter of 2023 was the worst for NFTs in nearly 3 years.

NFT sales, which have been declining steadily since February 2023 as per the report, declined by more than 40% in the last quarter. The decline was attributed by Binance to declining average sales prices among the most popular projects, as monthly NFT transactions did in fact increase for most of the quarter.

However, with NFT volume now being “at its highest” since August, experts believe the new year could bring the revival of the NFT market. While there are many factors like cryptocurrency regulation to be considered, NFTs have proven to be a resilient technology that refuses to die as many detractors predicted. For now, NFT enjoyers can have the ease of mind that NFTs are going nowhere.

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