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Trump's Indictment is Good News for His NFT Portfolio

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By Brennan Forrest - - 5 Mins Read

Donald Trump's NFT cards are rising massively in value after the shocking announcement of his indictment. After launching his NFTs, the sale of Trump NFT cards stalled as many lost interests in the collection. In the NFT market, NFT traders often go for those with hype and value. The cards were accused of being cheaply made, as many had found traces of cheap stock images in the NFT. 

However, after the news of the Trump indictment broke out, the value of the NFTs increased by more than 500%. This is a massive increase for NFT traders and a contrast to the initial reception of the former president's NFT launch. Over $190,000 of the NFTs has been traded in the past 24 hours. This is a significant increase for the Trump NFTs, whose sales looked dull. Because of the rise in value, the floor price of the Trump NFT cards stands at 0.58 ETH, or about $1,000. This data was provided by Opensea, which has a live tracking system of the Trump NFTs. 

Although there seems to be an increase in the trading volume of the Trump NFT cards, it was even selling better when it was newly launched. About 45,000 Trump NFT collections sold out within hours, with more than $3.9 million in sales on its launch day. All these happened during the early stages. However, the new increase is highly appreciated as traders are taking advantage of it.

More Details About Donald Trump's indictment

The Donald Trump indictment is the first time in US history that this has happened to a former president. A grand jury granted the indictment after evidence showed Trump making payment to the adult film star Stormy Daniels during the 2016 election. The few details that can be gathered about the payment showed that it was made to close and silence claims of extramarital sexual encounters. 

It has been reported the former president of the United States will appear in court on Tuesday when the case begins. The charges against Trump are still under seal, but they are criminal ones with the potential to see him behind bars. However, Republican leaders are not happy with Trump's indictment. Many of them have accused the Democrats of plotting the indictment in a move to degrade the name of the Republican Party. House Speaker Kevin McCarthy vowed that the House of Representatives "would hold Alvin Bragg and his unprecedented abuse of power to account." Even those who are potential rivals of Trump for the 2024 elections have spoken about the indictment saying it was unlawful. 

But the Democrats are saying that Donald Trump should not be above the law for whatever charges were against him. Democratic Senate majority leader Chuck Schumer said, "There should be no outside political influence, intimidation or interference in the case. I encourage both Mr Trump’s critics and supporters to let the process proceed peacefully and according to the law." California Democrat Adam Schiff also spoke about the incident, saying that Trump should face the right process as demanded by the law." The indictment of a former president is unprecedented. But so too is the unlawful conduct in which Trump has been engaged," California Democrat Adam Schiff said.