By Donald Haymatter
Following a decision by the Colorado Supreme Court to remove former U.S. President Donald Trump from the state’s 2024 ballot, there has been a noticeable decline in the floor price of his NFT collection.
According to the latest data from the digital marketplace OpenSea, the value of the ‘Collection Series 1’ associated with the former president decreased by 11% to 0.1505 ETH, equivalent to $333. As a result of the court ruling, the collection’s market capitalization now stands at roughly $15 million.
Market Fluctuations for Trump NFTs Post-Colorado Ballot Decision
The Colorado Supreme Court’s decision to exclude former U.S. President Donald Trump from the state’s 2024 ballot has echoed through the digital asset market, affecting the value of his NFT collections.
OpenSea’s tracking data indicates a significant 11% drop in the floor price of ‘Collection Series 1’ to 0.1505 ETH, or approximately $333. Concurrently, the collection’s overall market value hovers around $15 million.
Moreover, trading volumes have seen a substantial downturn, with CryptoSlam reporting a 68% decrease to about $16,000 within the relevant period. In contrast, the floor price of the subsequent collection experienced a 4% uplift to 0.03450 ETH, or $76, as per Coingecko’s analytics.
Also read:Nonetheless, this second series witnessed a 12% reduction in trade volume, settling at $21,032. The market capitalization for this later collection stands at $3.57 million, illustrating the volatile nature of NFT valuations in response to political developments.
Trump NFT Valuations Sway with Political Events
The valuation of former President Donald Trump’s NFT collections continues to be sensitive to events surrounding him. This year, an extraordinary surge in sales volume was observed, with a 3700% increase following his surrender to authorities in Georgia and the ensuing release of his mugshot.
Capitalizing on this, Trump introduced a ‘Mugshot Edition’ NFT collection last week, which includes physical memorabilia related to his arrest.
Despite the creative approach of combining digital and physical collectibles, this latest collection has not replicated the success of its predecessors. As per CryptoSlam’s figures, the ‘Mugshot Edition’ has seen a modest $500 in sales in the recent day.
This lukewarm reception underscores the fluctuating interest and investment in Trump-related digital assets, highlighting how closely linked their market performance can be to his political narrative.
Trump’s 2024 Campaign Faces Setback with Colorado Ballot Disqualification
The Colorado Supreme Court has made a decisive move to disqualify former President Donald Trump from appearing on the state’s 2024 ballot, stemming from his involvement in the January 6 Capitol riot.
On December 19, the court directed the Colorado Secretary of State to exclude Trump’s name from the Republican primary election ballot, invoking the 14th Amendment’s insurrection clause.
This ruling has sparked widespread discussion across the political spectrum, with ramifications extending into the crypto community.
Presidential hopeful with a pro-crypto stance, Robert F. Kennedy Jr., has voiced concerns over the precedent this judicial decision sets, emphasizing the potential for unrest among Trump’s support base if he is barred from the election through legal means instead of a democratic defeat.
Trump’s prominence as a leading candidate in upcoming elections, as suggested by recent polls, indicates that the ruling could have significant implications for the political climate and his campaign strategy moving forward.
At Tokenhell, we help over 5,000 crypto companies amplify their content reach—and you can join them! For inquiries, reach out to us at info@tokenhell.com. Please remember, cryptocurrencies are highly volatile assets. Always conduct thorough research before making any investment decisions. Some content on this website, including posts under Crypto Cable, Sponsored Articles, and Press Releases, is provided by guest contributors or paid sponsors. The views expressed in these posts do not necessarily represent the opinions of Tokenhell. We are not responsible for the accuracy, quality, or reliability of any third-party content, advertisements, products, or banners featured on this site. For more details, please review our full terms and conditions / disclaimer.