The Art of the Drop: Trump NFTs May Prove the Utility of Utility

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Donald Trump’s recent NFT drop was ridiculed. Bigly. But the former U.S. president seems to have had the last laugh and may have provided the digital asset community a valuable lesson if they can get past the snark.  

Trump managed to sell out his collection in a matter of hours in a market where NFT trading volumes have declined more than 90% from earlier this year. 

And while speculation runs rampant on Twitter and in the media about the identity of those who own a large number of valuable Trump NFTs, with other Twitter users pointing to evidence that suggests the collection used copyrighted material, more than 70% of buyers were likely purchasing their first NFT, according to data from Dune Analytics.  

Like other brands with avid fanbases, Trump followed the strategy of attaching potential benefits — what some in the crypto world call “utility” — to each NFT, a growing trend as fewer consumers appear interested in buying NFTs that are little more than a digital portrait of an animated character.  

(by RT Watson)

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