The power of a household name or a tight-knit community can be seen everywhere. It is particularly valuable when it comes to selling something, as evidenced by the success of Trump Digital Trading Cards, an NFT project that has seen great success despite a declining economy, crypto scrutiny, and a large drop in the value of NFTs as a whole.
Embedded markets remain giant winners: There are many projects that are suffering as funding dwindles and the economy worsens, but others are still going strong. Trump Digital Trading Cards is a great example of that, with the Trump name driving the success of the project.
- According to statistics Put together at the time of writing, Trump trading card NFTs have been sold 1,201 times in the last seven days. In addition, the sales volume exceeded $313,000.
- The cards are collected by more than 15,000 owners, with a total of 45,000 tokens available.
- The top card sold for $22,900 and many others sell for thousands of dollars.
While the trading cards are not owned by Trump or his companies, his name and his uncompromising community are enough to help make the NFT project a success. It has an almost cult following, and that’s enough to make Trump-related businesses popular.
Communities have been driving the success of NFTs for a long time: It’s not just celebrity followings that have an effect on success. In general, communities and followers of any kind are an important aspect of success, especially for NFT and crypto projects.
is especially important for long-term growth since many exchanges and discussions take place between the members of a community. In addition, support is as important for the artists or creators as it is for the entire project.
A great example is the Bored Ape Yacht Club (BAYC), which is one of the most valuable collections in the world. However, beyond its market capitalization, it is also notable for its cultural influence, and much of that comes from the community. Owning a BAYC NFT is all about becoming a part of something, and profits play a big part in that.
- BAYC Owners join a private online club and you can attend exclusive events in person.
- NFT ownership with strong communities is a status symbol, which is why many owners use it as their profile picture on social media.
Communities will also spread the word about a project they are passionate about and stick with it through thick and thin. On the other hand, if a project has a weak community or following, it may be abandoned the moment something new comes along or times get tough.
Celebrity can backfire: While celebrity and a large following help projects, they can also backfire. Once again, the Bored Ape Yacht Club stands out as a prime example. Celebrities enhanced the brand, drawing a lot of attention and investment, but now there’s a class action lawsuit claiming that endorsements caused NFT values to skyrocket and ultimately people to lose money.
- The class action lawsuit names 37 defendants, including Kevin Hart, Madonna and Jimmy Fallon.
- Many worry about the power of celebrity influence when it comes to volatile markets like NFTs and cryptocurrencies.
It’s not celebrity endorsements that backfire. Kim Kardashian paid more than a million dollars to the SEC to Settle a Crypto Scam Lawsuit. Mark Cuban also faced criticism for a crypto “Ponzi scheme” after he promoted now-bankrupt cryptocurrency trading platform and brokerage Voyager Digital.
Spencer Hulse is a newsroom editor for the Grit Daily News. He covers breaking news on startups, affiliates, virals, and marketing.