- Donald Trump released a collection of 45,000 NFTs in the Trump Digital Trading Cards collection.
- The former US President’s $99 collection is minted on Polygon and experts consider this a play on increasing crypto users’ engagement in politics.
- MATIC price is currently in an uptrend and the Ethereum scaling token is close to its weekly low of $0.8708.
Donald Trump, former US President and an American media personality, dropped his Trading Cards NFT collection minted on the Polygon network. The collection features 45,000 NFTs for $99 each. The price outlook on Polygon’s Ethereum scaling token MATIC is bearish for the week.
Also read: Samuel Bankman-Fried could face a maximum sentence of 115 years in prison for FTX exchange collapse
Donald Trump launches NFT collection with real-life perks for buyers on Polygon
Donald Trump, the 45th President of the United States, an American media personality and entrepreneur, threw his weight behind digital collectibles and Non-Fungible Tokens (NFTs). Trump launched his collection of 45,000 Trading Cards that feature the politician in superhero, astronaut and other costumes and offers real-life benefits to collectors.
The Trading Cards collection is minted on Ethereum’s scaling solution Polygon’s network. NFT enthusiasts can acquire a collectible for $99. Experts believe Trump’s move is an attempt to combine NFT fan engagement with politics ahead of the next Presidential campaign.
So Donald Trump just released an NFT collection
— NFT Update (@NFTupdate) December 15, 2022
$99 each / 45,000 supply pic.twitter.com/nxN2fnylpt
The floor prices of top NFT collections like CryptoPunks, CloneX and Sandbox Land nosedived in the past month, according to Nansen data. The declining floor prices indicate loss of interest among users, when combined with shrinking trade volume, it is the nail in the coffin for digital collectibles.
NFT market floor prices of leading collections sourced from Nansen
The recent initiative by celebrities and influencers to sell their digital art and collectibles is an attempt to fuel a recovery in the Non-Fungible Token ecosystem. Qatar 2022 recently announced that fans will be able to purchase iconic moments NFTs. Ahead of the world cup, FIFA, Budweiser and Visa launched their digital art collectibles to kick-off Qatar 2022.
Donald Trump’s NFT collection is losing value in the secondary market
On OpenSea, a peer-to-peer marketplace, the floor price dropped below $99 several times. The Trump Trading Cards collection is losing value in the secondary market based on data from OpenSea’s analytics section.
Floor Price of NFTs from the Trump Trading Cards collection
MATIC price outlook remains bearish
MATIC price is currently in a short term uptrend on the four-hour chart (see below), within a longer term downtrend that started in December 2021. The Ethereum scaling token is trading close to the weekly low and a key trend line at $0.8708. MATIC price has found temporary support at the trend line, formed a bullish engulfing candlestick, and looks likely to rally higher from here.
MATIC/USDT price chart
Prior to the recent decline in price, MATIC’s 200-day EMA and 50-day EMA acted as resistance in week one and two of December and they will probably do the same in the future. The resistance from these MAs is located at the $0.9000 level, suggesting any gains may be capped at that level.
In the event that MATIC price plummets below the trend line and the weekly low at $0.8708, the layer-2 solution’s token could extend its losses further, as it will suggest the short term trend has flipped bearish. This is possible, given the longer term trend remains bearish.
A break past the 200-day and 50-day EMAs at $0.9023, however, would invalidate the bearish thesis and signal a continuation of the rally in MATIC price, and an extension of the short term uptrend.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Polygon joins forces with WSPN to expand stablecoin adoption
WSPN, a stablecoin infrastructure company based in Singapore, has teamed up with Polygon Labs to make its stablecoin, WUSD, more useful in payment and decentralized finance.
Coinbase envisages listing of more meme coins amid regulatory optimism
Donald Trump's expected return to the White House creates excitement in the cryptocurrency sector, especially at Coinbase, the largest US-based crypto exchange. The platform is optimistic that the new administration will focus on regulatory clarity, which could lead to more token listings, including popular meme coins.
Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B
As Bitcoin (BTC) gets closer to the $100,000 mark for the first time — it crossed $99,000 earlier Friday — capital is rotating into alternative cryptocurrencies, creating a buzz in the broader crypto market.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: Rally expected to continue as BTC nears $100K
Bitcoin (BTC) reached a new all-time high of $99,419, just inches away from the $100K milestone and has rallied over 9% so far this week. This bullish momentum was supported by the rising Bitcoin spot Exchange Traded Funds (ETF), which accounted for over $2.8 billion inflow until Thursday. BlackRock and Grayscale’s recent launch of the Bitcoin ETF options also fueled the rally this week.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.