Donald Trump’s Arrest Triggers NFT Market Frenzy- What You Need to Know

Estimated read time 3 min read
  • The Trump Criminal Trading Cards, hastily put together about two weeks ago, have seen a rise in floor price and trading volume over the past couple of days.
  • Donald Trump is the first US president to be arrested,  a historic development that has propelled the United States into uncharted political waters.

Some may take this as shocking news but it’s probably no surprise that Donald Trump becomes the first US president to face criminal charges. Well, lest say a prison-themed Non-Fungible Token (NFT) has emerged from the chaos. While Bitcoin (BTC) is once again above $28k, keeping its head above the water in stormy market conditions, the US stocks have dipped.

Oddly enough, the arrest of Donald Trump has triggered the surge in the price of an Etherum-based NFT collection dubbed, the Trump Criminal Digital Cards. This is a collection of 45,000 NFTs released by Trump last December. Trump’s official collection also saw a sales rise on Tuesday.

The collection depicting Trump in various guises including a superhero, astronaut, and Nascar driver was launched two weeks ago at a time when speculation mounted that the latter could soon be indicted in connection to 34 felony counts.

The Digital Trading Cards collection witnessed a 220% surge in trading volume in the past 24 hours. Sales of around $75,000 worth of Trump NFT were made within a day, according to CryptoSlam data. Meanwhile, the number of sales transactions rose by more than 190% within the same time frame.

 

The purchase of these cards allegedly also enters the buyer into a sweepstake to win other prizes, including a personal meeting with the former president, playing golf, and a cocktail hour at the Mar-a-Lago club.

Trump in the Dock

Donald Trump pleaded not guilty on Tuesday to 34 felony counts of falsifying business records related to his alleged role in hush money payments toward the end of his 2016 presidential campaign. The charges stem from an investigation led by Manhattan District Attorney Alvin Bragg.

Falsifying business records is classed as a misdemeanor – a minor offense – in New York. But doing so to aid or conceal another offense, in this case breaking campaign finance laws – is a class E felony.

Prosecutors have accused the former president of directing three different instances of hush money payments to cover up alleged affairs.

The first instance is when AMI paid a whopping $30,00 to a former Trump Tower doorman who claimed to have a story about a child that Trump had allegedly fathered outside his marriage.

The second instance took place in June 2016 when Karen McDougal, a former Playboy Playmate, alleged that she had an affair with Donal Trump while he was married. Ultimately, AMI paid her $150,000.

The final incident was the $130,000 payment to adult film actress Stormy Daniels in October 2016, just before the election, to suppress her allegations of an affair at a celebrity golf tournament in 2006.

Prosecutors would have to prove not only that the records were deliberately falsified, but done with the intention of violating campaign finance laws.

If convicted of a Class E felony, the former president faces a potential jail term of up to four years.

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