Donald Trump NFTs Drop Big, Headed to Zero?: The buzz surrounding former president Donald Trump’s NFT collection appears to have subsided days after it made news in the cryptocurrency world and received considerable social media attention. Trump NFTs’ price and transaction volume are falling, and the NFT collection appears to be fighting for survival.
NFT Price Fall Under Donald Trump
Data gathered by OpenSea, a website that tracks the market for non-fungible tokens (NFTs), shows that the value of digital trading cards portraying Donald Trump has decreased by 72% recently. Before its debut, the cost of the cards had risen by around 350%.
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Data from CryptoSlam shows that on December 17, the trade volume for Trump’s NFTs, which were created on the Ethereum scaling network Polygon, reached a record high. The book exceeded $3.5 million at that time. Sales of Trump digital trading cards have similarly plummeted on the OpenSea website, from 6,661 on December 17 to just 529 on December 22 and 260 on December 23.
But on Monday, the trade volume fell by 57% to roughly $836,000 in ETH, and the average sale price dropped to about $466. As of December 24, each NFT card was only worth 0.23 ETH, or $280, a 72% decrease from its peak value. The one bright spot for its early investors is that they still made a profit margin of 182% if they purchased them at the launch price of $99.
Launch of Trump’s First NFT
This month, Donald Trump officially announced that he would be making a “major surprise” on his website Truth Social. Many observers believed this declaration may have something to do with his prospective presidential bid in 2024. Trump was cited as stating the following when it turned out to be his first time working with NFTs:
My official Donald Trump Digital Trading Card collection is here! These limited edition cards feature amazing ART of my Life & Career! Collect all of your favorite Trump Digital Trading Card
Trump NFTs Have Received Mixed Response
The cryptocurrency community had conflicting feelings about the NFTs; some mocked the artworks, while others praised the former US president for being one of the only leaders promoting the Web3 story.
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When discussing the NFTs with the OAN network, Donal Trump remarked: “You know, it kind of looks like comic book art when you think about it, but when they showed me the art, I said, well, I always wanted to have a 30-inch waist.”