Donald Trump has introduced a new NFT collection called “Trump Bitcoin Digital Trading Cards” on the Bitcoin network using the Ordinals protocol. This initial batch consists of 160 cards, with plans for a total of 200. Buyers can obtain 100 cards from the “Mugshot Edition” through the Magic Eden marketplace by linking their Bitcoin wallets.
This collection marks Trump’s first NFT project on Bitcoin, following previous releases like the “Trump Digital Trading Cards” and the “America First” series. These earlier collections offered perks such as gold-themed sneakers and exclusive meals with Trump but struggled with trading activity.
The new Bitcoin collection has generated early interest, with 29% of the cards minted so far. The NFT market is evolving, with Ethereum and Bitcoin leading sales in 2024, each reaching $3.1 billion. The overall NFT market saw $8.8 billion in sales, a slight increase from the previous year.
Despite signs of recovery, the NFT market faces challenges like oversaturation. A staggering 98% of collections have little trading activity, and only 0.2% of new projects are profitable. Many collections lose over half their value shortly after release.
Innovative platforms like Magic Eden and projects like Pudgy Penguins are making strides in the space. Pudgy Penguins achieved $115 million in sales and launched their own token, influencing trends in the market. However, some platforms are downsizing, such as Kraken, which is closing its NFT marketplace by February 2025.
While the late 2024 NFT market shows signs of stabilization, speculative trading is on the decline. Trump’s new venture on Bitcoin Ordinals may reflect a strategic shift to leverage Bitcoin’s growing role in the NFT ecosystem. Its long-term success remains uncertain amid ongoing market challenges.
