President-elect Donald Trump launched his latest non-fungible token collection, titled “Trump Bitcoin Digital Trading Cards,” on the Bitcoin BTC/USD network on Wednesday.
What happened: Created using the Ordinals protocol, the collection comes with 160 pieces.
CollectTrumpCards, the official X handle linked to Trump's NFT offerings, informed that users who purchased 100 NFT cards from the “Mugshot Edition” could claim them through the NFT marketplace Magic Eden after submitting their Bitcoin wallet.
One wallet can only claim one NFT, with the claim period lasting until Jan. 31.
About 13 NFTs have already been listed on Magic Eden, with the floor price at 0.177 BTC, worth $16,815 at prevailing market prices. The floor price of an NFT is the lowest price at which an NFT in a collection can be purchased. One NFT was listed for 20 BTC, worth over $1.9 million.
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Bitcoin Ordinals are inscriptions of data on Bitcoin's blockchain, commonly referencing digital collectibles or art. This concept of NFTs allows for the tokenization of various digital or physical assets, creating verifiable ownership on Bitcoin’s blockchain.
Bitcoin was the second-largest network for NFTs as of this writing, with sales exceeding $155 million in the last month, according to CryptoSlam.
Why It Matters: Trump first ventured into the NFT space in December 2022 with his inaugural collection. The series was an instant success, selling out within just 24 hours of its release.
Since then, he has launched four more collections, with the Ordinals being his most recent endeavor.
Latest financial disclosures suggest that Trump has made more than $7 million from his NFT enterprises.
Price Action: Interestingly, the launch of the latest digital cards triggered a drop in the floor price of his earlier collections.
The “Mugshot Edition,” launched in Dec. 2023, was down 2.19% in the last 24 hours, while the most recent “America First Edition” fell 2.20%, according to NFT Price Floor.
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