Former President Donald Trump could be nearing a return to the White House with dominant wins in state GOP primaries on Super Tuesday.
With a potential win in the 2024 election, investors and Trump fans have been looking for ways to profit from increased interest in the former president.
What Happened: Trump shocked the cryptocurrency world when he first announced the launch of a non-fungible (NFT) token called "Trump Digital Trading Cards" on Dec. 15, 2022.
The NFTs came at a price point of $99 each and could be purchased with Ethereum ETH/USD or a credit card. The collection, which was minted on the Polygon MATIC/USD network, sold out in less than a day and became a top trending collection on NFT marketplace OpenSea.
Trump has launched two subsequent NFT collections since, one a follow-up to the first and a third collection paying tribute to his viral mugshot.
The first two collections had 45,000 and 47,000 NFTs, respectively, references to being the 45th president of the U.S. and running to become the 47th president in the 2024 election.
The third collection titled, "The MugShot Edition," launched in December 2023 and has 100,000 NFTs that can not be resold until Dec. 31, 2024.
The third collection also included physical versions of the cards for the first time, with every person who buys 47 digital cards getting a physical card that includes a piece of the suit Trump wore in the viral mugshot photo from his arrest in Georgia in 2023.
After Trump's Super Tuesday win and news of rival GOP presidential candidate Nikki Haley dropping out of the race, investors snatched up Trump NFTs. The NFTs, which have moved to Magic Eden, show 29 sales in the last 14 hours at the time of writing.
The NFTs have previously been volatile related to court cases involving Trump and the news cycle of the 2024 election.
Related Link: Trump NFTs To Get Bitcoin Ordinals Treatment: How You Can Own One
What's Next: Investors and Trump fans have been flocking to NFTs, memecoins and stocks related to the former president.
One of the top gainers in 2024 related to Trump is shares of Digital World Acquisition Corporation DWAC, a SPAC set to merge with Trump Media & Technology Group.
Shares of the SPAC are up 152% year-to-date in 2024 and have performed well as Trump leads the way in the 2024 election race.
The SPAC merger has faced several setbacks and been delayed many times since the announcement was made in 2021. Two co-founders of Trump Media & Technology recently filed a lawsuit that could delay the merger.
Investors could be shying away from Digital World Acquisition given the recent setbacks.
Meme coin MAGA MAGA/USD launched in August 2023 with a slogan of "Make crypto great again," a play on Trump's famous "Make America great again" campaign slogan. The memecoin generated increased interest in 2024 during the current election cycle and could be a way for investors and fans of Trump to bet on his success, even though the coin is not directly affiliated with him.
Trump NFTs are another way for investors and collectors to get exposure to items that move in relation to Trump's wins and news items.
The Trump Digital Trading Cards have a current floor price of 0.18 Ethereum on Magic Eden, or around $681.
Photo: Trump NFTs via OpenSea
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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