During the 2020 election, FTX created a perpetual contract market in a similar fashion to the crypto derivatives markets it was famous for, asking investors to bet on the outcome of the election. Should Trump have won, it would have risen to $1, and when he lost, it fell to $0.
“From the discussions I had with the major ecosystem players, it did have a huge impact that forever changed the Korean [decentralized finance, or DeFi] ecosystem for institutions,” Hoon Kim, the chief technology officer at blockchain project Astar, told CoinDesk. “It made it harder for the retail investors to look at domestic projects, and companies started to look at all of their options with a critical lens.”
Floor prices of NFTs related to the former U.S. president are up double digits since March 17.