NFTs: The crypto-fueled craze taking over the internet, explained
The NFT, or non-fungible token, market is exploding. Why pay $200K for an NBA Top Shot highlight of LeBron dunking? Here’s the NFT mania, explained.
Just the FAQs, USA TODAY
Republican presidential nominee Donald Trump announced Tuesday he is re-launching digital trading cards showing himself dancing, wearing a superhero suit and holding bitcoin.
The “America First Collection” of non-fungible tokens (NFTs) is the latest in a series of the unique digital assets that Trump has released. In December 2022, when support for the former president was waning, he sold out of a collection of 44,000 NFTs within two days of releasing them, despite widespread ridicule of the product.
The new cards are selling for $99 each, but package purchases could get customers a gala dinner with the former president, Trump sneakers or a physical card with a piece of his suit he wore at the debate, according to the product’s website.
“By popular demand, I’m doing a new series of Trump digital 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 collect your piece of American history.”
The new launch comes as Vice President Kamala Harris pulls ahead in national polling averages, according to FiveThirtyEight. The Harris campaign raised $204 million in July, nearly four times the Trump’s campaign‘s $48 million, Federal Election Commission reports show.
More: Spending big, cryptocurrency industry makes a play for Democratic Party support at DNC
Crypto becoming growing political issue after 2022 industry collapse
Data from OpenSea shows the volume of NFT sales dropped more than 90% from their peak in January 2022 to Aug. 1 of this year.
NFTs are built on the same programming as cryptocurrencies, an industry that has been on the rocks since crypto exchange FTX collapsed in 2022 and the government moved to crack down on the nascent industry. Since then, the industry has thrown money at political campaigns on both sides of the aisle.
Trump has said he plans to make the U.S. the “crypto capital of the planet and the Bitcoin superpower of the world.”
While some Democrats remain skeptical of crypto technology, Harris and other top Dems have signaled they are open to allowing the industry to grow.
Contributing: Rayna Song, Laura Gersony, Vivian Jones, Ken Tran, USA TODAY NETWORK
