Title: Trump Leverages Bitcoin Ordinals to Boost Sales of Mugshot NFTs
Former United States President Donald Trump is employing an innovative strategy to drive up sales of his controversial Mugshot Edition nonfungible tokens (NFTs) by offering Bitcoin Ordinals as an exclusive incentive.
The team behind Trump’s NFT collection recently announced that customers who purchase 100 or more Mugshot Editions of the Trump Digital Trading Cards NFTs will receive a rare “One-of-One” trading card as a Bitcoin Ordinal. Only 200 unique Ordinals NFTs will ever be minted, and they will be exclusively available to those who spend a minimum of $9,900, at $99 per Mugshot NFT.
Trump’s Mugshot collection was launched on the Polygon network in December 2023. The Mugshot NFTs can be purchased using a credit card or Wrapped Ether (WETH).
It’s worth noting that the Mugshot NFTs and the Ordinals cannot be traded until December 2024. The project’s official account stated that this restriction aims to discourage their use as investment vehicles and emphasizes that the new NFTs are intended for personal enjoyment.
Pudgy Penguins Break All-Time High Record
The Pudgy Penguins NFT collection achieved a significant milestone on January 17, as its floor price reached a peak of 19.05 ETH, equivalent to $47,000.
Within just seven days, the Penguins witnessed a remarkable increase in value, climbing from 10.78 ETH to 17.8 ETH. This surge sets them apart from many other NFT collections in the market, which have experienced losses. The Bored Ape Yacht Club, for example, has struggled to maintain its value.
The Pudgy Penguins’ floor price experienced a substantial surge between January 13 and January 19. Source: NFT Floor
The collection’s growth, despite facing challenges throughout most of 2023, is largely attributed to its owner, Luca Netz, who acquired the project in April 2022. Netz has taken an unconventional approach to develop the project by generating additional revenue streams through the sale of plushie toys and by actively promoting mental health awareness on the project’s Instagram page.
NFT Trading Volumes Experience $15 Billion Plunge in 2023: CoinGecko
According to a recent CoinGecko report, NFTs on the top 10 blockchain networks generated a total trading volume of $11.3 billion in 2023. This marks a substantial decline of $14.5 billion compared to 2022.
CoinGecko’s report, released on January 17, highlights the fluctuating trading volumes in the NFT market throughout 2023.
Trading volumes for NFTs experienced significant fluctuations in 2023. Source: CoinGecko
After a notable surge in February, trading activity hit a yearly low in September. However, the final quarter witnessed a rapid resurgence, largely driven by the growing interest in Bitcoin Ordinals. While Ethereum remained the preferred platform for NFT traders, accounting for 72.3% of the yearly volume, Bitcoin surpassed Ethereum in December, with $808 million in trading volume.
Mark Zuckerberg’s Metaverse Still a “Decade” Away
Despite the potential timeline of over 10 years for its realization, Meta’s head of global business, Nicola Mendelsohn, confirmed that Mark Zuckerberg’s Meta remains committed to investing in the metaverse.
Speaking at the World Economic Forum on January 17, Mendelsohn stated that it may take a “good decade” to fully materialize Meta’s expansive vision of the metaverse. Mark Zuckerberg expressed a similar sentiment in April 2022, acknowledging that it could take over a decade for the concept to be embraced by society at large.
Mendelsohn believes Meta’s “realized vision” of the metaverse is still at least 10 years away. Source: World Economic Forum
According to figures reported by Business Insider, Meta has allocated more than $47 billion to Reality Labs since 2019. This division encompasses the company’s virtual reality and metaverse operations.
Other News
Former OpenSea product manager Nathaniel Chastain has filed an appeal against his conviction for wire fraud and money laundering related to insider trading. Chastain’s legal team argues that the U.S. government failed to establish that information related to NFTs on OpenSea qualifies as property.
Elon Musk stirred controversy among NFT enthusiasts when he withdrew support for NFT profile pictures on X. The social media platform introduced this feature on January 20, 2022, allowing paid subscribers to link their NFTs to their Twitter profile pictures, visually distinguishing them as NFT holders.
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