- Donald Trump released a collection of 45,000 NFTs in the Trump Digital Trading Cards collection.
- The former US President’s $99 collection is minted on Polygon and experts consider this a play on increasing crypto users’ engagement in politics.
- MATIC price is currently in an uptrend and the Ethereum scaling token is close to its weekly low of $0.8708.
Donald Trump, former US President and an American media personality, dropped his Trading Cards NFT collection minted on the Polygon network. The collection features 45,000 NFTs for $99 each. The price outlook on Polygon’s Ethereum scaling token MATIC is bearish for the week.
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Donald Trump launches NFT collection with real-life perks for buyers on Polygon
Donald Trump, the 45th President of the United States, an American media personality and entrepreneur, threw his weight behind digital collectibles and Non-Fungible Tokens (NFTs). Trump launched his collection of 45,000 Trading Cards that feature the politician in superhero, astronaut and other costumes and offers real-life benefits to collectors.
The Trading Cards collection is minted on Ethereum’s scaling solution Polygon’s network. NFT enthusiasts can acquire a collectible for $99. Experts believe Trump’s move is an attempt to combine NFT fan engagement with politics ahead of the next Presidential campaign.
So Donald Trump just released an NFT collection
— NFT Update (@NFTupdate) December 15, 2022
$99 each / 45,000 supply pic.twitter.com/nxN2fnylpt
The floor prices of top NFT collections like CryptoPunks, CloneX and Sandbox Land nosedived in the past month, according to Nansen data. The declining floor prices indicate loss of interest among users, when combined with shrinking trade volume, it is the nail in the coffin for digital collectibles.
NFT market floor prices of leading collections sourced from Nansen
The recent initiative by celebrities and influencers to sell their digital art and collectibles is an attempt to fuel a recovery in the Non-Fungible Token ecosystem. Qatar 2022 recently announced that fans will be able to purchase iconic moments NFTs. Ahead of the world cup, FIFA, Budweiser and Visa launched their digital art collectibles to kick-off Qatar 2022.
Donald Trump’s NFT collection is losing value in the secondary market
On OpenSea, a peer-to-peer marketplace, the floor price dropped below $99 several times. The Trump Trading Cards collection is losing value in the secondary market based on data from OpenSea’s analytics section.
Floor Price of NFTs from the Trump Trading Cards collection
MATIC price outlook remains bearish
MATIC price is currently in a short term uptrend on the four-hour chart (see below), within a longer term downtrend that started in December 2021. The Ethereum scaling token is trading close to the weekly low and a key trend line at $0.8708. MATIC price has found temporary support at the trend line, formed a bullish engulfing candlestick, and looks likely to rally higher from here.
MATIC/USDT price chart
Prior to the recent decline in price, MATIC’s 200-day EMA and 50-day EMA acted as resistance in week one and two of December and they will probably do the same in the future. The resistance from these MAs is located at the $0.9000 level, suggesting any gains may be capped at that level.
In the event that MATIC price plummets below the trend line and the weekly low at $0.8708, the layer-2 solution’s token could extend its losses further, as it will suggest the short term trend has flipped bearish. This is possible, given the longer term trend remains bearish.
A break past the 200-day and 50-day EMAs at $0.9023, however, would invalidate the bearish thesis and signal a continuation of the rally in MATIC price, and an extension of the short term uptrend.
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