The Colorado Supreme Court’s removal of former U.S. President Donald Trump from the state 2024 ballot has impacted the floor prices of his NFT collections.
Data from OpenSea shows that the former President’s Collection Series 1 tanked by 11% to 0.1505 ETH, or $333, following the news. The collection’s market capitalization is approximately $15 million as of press time.
Additionally, the trading volume for the collection declined by 68% to around $16,000 during the reporting period, according to CryptoSlam’s data.
The floor price for his second collection rose by 4% in the last 24 hours to 0.03450 ETH, or $76, according to Coingecko. However, the trading volume for this series fell by 12% to $21,032 as of press time. This collection’s market capitalization is currently at $3.57 million.
This marks another instance of a Trump-related event influencing the value of his NFT collections. Earlier this year, the sales volume of the former President’s NFT collection rose by more than 3700% after he surrendered to authorities in Georgia and a Mugshot picture of him was taken.
Subsequently, Trump used this event as inspiration for his new NFT collection launched last week called the ‘Mugshot Edition.’ These NFTs link to physical memorabilia from his arrest, including the suit worn in custody.
However, this one has not garnered significant interest like previous collections, generating only $500 in sales over the past day, according to data from CryptoSlam.
Colorado Supreme Court disqualifies Trump from 2024 election
On Dec. 19, the Colorado Supreme Court barred former President Trump from the 2024 ballot over his role in the Jan. 6 Capitol riot.
Consequently, the court ordered the Colorado Secretary of State to remove Trump’s name from the Republican primary election, citing the 14th Amendment. This amendment prohibits individuals who have taken a constitutional oath and subsequently “engaged in insurrection” from holding public office.
However, the decision has ignited several debates, with pro-crypto Presidential candidate Robert F. Kennedy Jr. arguing that the ruling should have every American concerned. He said:
“If Trump is kept out of office through judicial fiat rather than being defeated in a fair election, his supporters will never accept the result. This country will become ungovernable.”
Trump is one of the forerunners for the forthcoming election, according to recent polling data.