The NFT market fever has reached the United States Congress, where legislators seeking to represent the chamber officially raise funds to bankroll their campaign. According to reports, the upcoming United States House of Representatives elections will be conducted on November 8, 2022. This means that candidates must run a strong campaign that demonstrates why they are deserving of a seat in Congress.
According to Bloomberg, Democratic politician Shrina Kurani and Republican politician Blake Masters have been involved in non-fungible trading.
Politicians in the United States profit from the NFT trade
Shrina Kurani, a politician seeking a seat in the United States House of Representatives, reportedly looked into the NFT market to generate funding for his campaign, according to sources from the financial platform. As a result, Kurani produced a non-fungible piece worth $6,600, which he used to fund his political campaign.
However, Blake Masters, who is pursuing the same goal as his colleague Kurani, made a lot of money by selling the novel “Zero to One,” authored by Peter Thiel, the co-founder of PayPal. The Master’s winnings, on the other hand, have not been made public, but they are substantial.
Senators have prioritized NFT trading and cryptocurrency, with certain lawmakers, such as Cynthia Lummis accepting Bitcoin as part of their campaign contributions. As a result, the legislators will indirectly accept the bitcoin market, but the SEC may differ.
American politics and the cryptocurrency market
Many members of Congress support cryptocurrency and NFT, while others oppose it. So the anti-crypto plot may vanish with these two big sales of non-fungible tokens between politicians Kurani and Masters.
All of the money gathered by the politicians can be put to good use in their public relations campaigns in the run-up to the next congressional election. Yet, the regulators have not expressed a view on the cases, implying that they agree with collecting a politician.
In contrast, the NFT market is predicted to increase rapidly by 2022, with more digital collections expected to be produced. As a result, OpenSea can become the most popular non-fungible trading platform. Other companies, though, may step up to compete for the position.
Meanwhile, the crypto market is recovering from a losing trend, with Bitcoin trading at $43,588 after rising 2.64 percent in the last 24 hours. After a 5.11 percent increase in the last day, Ether, which is directly linked to non-fungible trading, reaches a price of $3,363. Some crypto enthusiasts believe that both cryptocurrencies will achieve new highs in the coming months.