NFTs: The crypto craze taking over the internet, explained
The NFT (non-fungible token) market is exploding. Why would you pay $200,000 for an NBA Top Shot highlight of LeBron dunking? Here’s the explanation for the NFT craze.
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Republican presidential candidate Donald Trump announced on Tuesday that he will re-release digital trading cards depicting him dancing, wearing a superhero costume and holding a bitcoin.
The “America First Collection” of non-fungible tokens (NFTs) is the latest in a series of unique digital assets released by Trump. In December 2022, as support for the former president waned, he sold a collection of 44,000 NFTs within two days of its release, although the product was widely derided.
The new cards are available for $99 each, but by purchasing packages, customers can receive a gala dinner with the former president, Trump sneakers or a physical card with a piece of his suit that he wore at the debate, according to the product’s website.
“Due to popular demand, I’m making a new series of digital Trump trading cards. You all know what they are, we’ve had a lot of fun with them,” Trump said in the Truth Social video, adding that they can be purchased with credit cards or cryptocurrency. “They call me the crypto president, I don’t know if that’s true or not… go right now and get your piece of American history.”
The new campaign comes as Vice President Kamala Harris is leading in national polls, according to FiveThirtyEight. The Harris campaign raised $204 million in July, nearly four times the Trump campaign’s $48 million, according to Federal Election Commission reports.
More: The cryptocurrency industry is spending heavily at the DNC to seek support from the Democratic Party
Crypto becomes a growing political issue after the industry collapse in 2022
Data from OpenSea shows that NFT sales volume has fallen by more than 90% from its peak in January 2022 to August 1 of this year.
NFTs are based on the same programming as cryptocurrencies, an industry that has been in trouble since the collapse of crypto exchange FTX in 2022 and government crackdown on the nascent industry. Since then, the industry has poured money into political campaigns on both sides.
Trump has stated that he wants to make the US the “crypto capital of the planet and the Bitcoin superpower of the world.”
While some Democrats remain skeptical of crypto technology, Harris and other leading Democrats have signaled they are open to the industry’s growth.
Contributors: Rayna Song, Laura Gersony, Vivian Jones, Ken Tran, USA TODAY NETWORK
