Since 2022 began, many investors have been watching Truth Social. The anticipation of its launch sent its blank-check partner Digital World Acquisition (NASDAQ:DWAC) soaring to historic heights overnight. After months of speculation, the platform launched last week, but its rocky start has raised plenty of questions. One of its main competitors has decided to launch a project of its own with a line of Trump NFTs.
Trump NFTs Are on the Way
Prior to Truth Social’s launch, Parler was one of the primary social media platforms for American conservatives. It seems that with a new app backed by President Donald Trump on the market, Parler wants to keep its users committed.
To do so, it is launching a non-fungible token (NFT) market place titled DeepRedSky. Forbes reported that it will feature the CryptoTrump Club, a line consisting of NFTs with Trump’s image.
Will Parler make NFTs great again? Given how much the market for these digital assets is booming, many would argue that they are great already. That said, the concept of remaining relevant through a Trump NFTs launch is worth a closer look.
Why It Matters
All NFTs in the CryptoTrump Club collection will be based on the Solana (SOL-USD) blockchain. Users can make purchases with major credit cards. Each transaction fee for a DeepRedSky purchase will be higher than the 2.5% from popular marketplace OpenSea. Parler CEO George Farmer has issued no statement as to how high they will be, though. According to Forbes, the platform will offer consulting services to those interested in selling NFTs.
Decrypt reported that DeepRedSky’s collection includes roughly 10,000 NFTs, 250 of which are “categorized as extremely rare.” Parler has claimed that each Trump image featured as an NFT is unique. The outlet also notes, though, that Parler’s CTO Sam Lipoff has expressed interest in moving beyond the platform’s image has a political discourse venue. He hopes that the introduction of non-partisan NFTs down the road will help diversify the Parler audience.
What It Means for Parler
So what comes next? Investors will have to wait and see how well these Trump NFTs sell, and exactly what steps DeepRedSky takes as it grows. Whether it gains traction with a nonpartisan crowd to compete with a more general platform like OpenSea will be a key thing to watch.
On the date of publication, Samuel O’Brient did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.