Former President donald trump recently announced the start its first non-fungible token (NFT) collection truth socialthe social media platform he created after being banned from Twitter.

The collection, which consisted of around 45,000 “digital trading cards”, 12 hours sold out (although they were photoshopped and supposedly used unauthorized copyrighted images). you Prices and trading volumes then collapsed.

Here’s a look at why some crypto investors and NFT enthusiasts have bought into the hype anyway.

Also read: Brazil approves crypto regulation law, legitimizing BTC as a payment and asset

What the Trump NFT Collection got right

As part of the launch, Trump guaranteed there would be NFT buyers took part in a “Trump Sweepstakes”.

The winners got to visit Mar-a-Lago, his private club in Palm Beach, Florida. Perhaps Trump’s most vocal critics would like a chance to get up close and personal with him.

And that’s one of the many reasons the Trump Digital Trading Cards collection has garnered so much interest from investors, NFT enthusiasts, and first-time buyers.

At a time when NFT sales are shrinking month-on-month (OpenSea volume plummeted by over 95% from a 2021 peak), the Trump NFT Collection — even with an asking price of $99 — had a low barrier to entry. At a minimum price of 0.09 ETH/USDyou could buy a digital card of Trump dressed as a sheriff, superhero, golfer and standing in front of the Statue of Liberty.

Some NFTs, such as #4128 signed by Trump, have quoted prices as high as 4,500 ETH on the OpenSea NFT platform.

Because NFTs were automatically assigned, there was an added element of excitement that seemed to be instrumental in its success.

While most designs are repeated with slight color variations, buyers were lured by the opportunity to own the bespoke pieces, which would likely retail for well over $99.

Trump has licensed a company called NFT INT to develop and market the digital portraits (he…