The removal of the Colorado Supreme Court by Former US President Donald Trump from the 2024 state ballot has influenced the rock-bottom prices of his NFT collections.
OpenSea data shows that the former President’s Collection Series 1 fell 11% to 0.1505 ETH, or $333, after the news. The collection’s market capitalization is approximately $15 million at the time of writing.
Additionally, trading volume for the collection fell 68% to approximately $16,000 during the reporting period, according to CryptoSlam data.
The floor price for his second collection rose 4% over the past 24 hours to 0.03450 ETH, or $76, according to Coingecko. However, trading volume for this series fell 12% to $21,032 at the time of writing. The market cap of this collection currently stands at $3.57 million.
This marks yet another example of a Trump-related event affecting the value of his NFT collections. Earlier this year, sales volume of the former president’s NFT collection increased by more than 3,700% after he surrendered to authorities in Georgia and had his mugshot photograph taken.
Trump then used this event as inspiration for his new NFT collection launched last week, the ‘Mugshot Edition’. These NFTs are linked to physical memorabilia from his arrest, including the suit worn while in custody.
However, this one hasn’t received as much traction as previous collections, generating just $500 in sales over the past day, according to data from CryptoSlam.
Colorado Supreme Court disqualifies Trump from 2024 election
On December 19, the Colorado Supreme Court excluded former President Trump from the 2024 ballot due to his role in the January 6 Capitol riot.
Consequently, the court ordered the Colorado Secretary of State to remove Trump’s name from the Republican primary, citing the 14th Amendment. This amendment prohibits persons who have taken a constitutional oath and subsequently “rebelled” from holding public office.
However, the decision has sparked several debates, with pro-crypto presidential candidate Robert F. Kennedy Jr. argued that the ruling should engage every American. He said:
“If Trump is kept out of office by judicial fiat rather than defeated in a fair election, his supporters will never accept the outcome. This country will become ungovernable.”
According to recent polls, Trump is one of the frontrunners for the upcoming elections.