NewsletterDonald Trump NFTs Experience Major Price Drop, Headed Towards Zero?
Days after former president Donald Trump’s NFT collection made headlines in the crypto-space and garnered widespread social media attention, the excitement surrounding the digital collectible seems to have diminished. With the Trump NFTs declining both in price and in transaction volume, the NFT collection seems to be struggling for its existence.
Donald Trump’s NFT Price Fall
According to data compiled by OpenSea, a platform that monitors the market for non-fungible tokens (NFTs), the value of digital trading cards featuring Donald Trump has dropped by 72% in the past few days; after prices for the cards skyrocketed to nearly 350% upon launch.
Read More: Donald Trump’s NFT Trading Cards Pump 350% In Value Upon Launch
The trading volume for Trump’s NFTs, which was developed on the Ethereum scaling network Polygon, reached its all-time high on December 17, according to data provided by CryptoSlam. At the time, the volume breached the $3.5 million mark. On the OpenSea website, sales of Trump digital trading cards have also decreased from a peak of 6,661 on December 17 to barely 529 on December 22 and 260 on December 23.
On Monday, however, the trading volume decreased by 57% to about $836,000 in ETH, with the average sale price falling close to $466. Currently, the NFTs have suffered a decline of 72% with each card now worth only 0.23 ETH or $280, as of December 24. Although, the one silver lining for its initial investors — those who bought them at $99 during launch — still enjoy a decent profit margin of 182%.
Trump’s First NFT Launch
Earlier this month, Donald Trump released an official statement that he will be making a “big announcement” via his Truth Social website. Many analysts speculated that this announcement might be related to his potential candidature for the presidency in 2024.
However, it turned out to be Trump’s first stint with NFTs, where he was quoted saying:
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
Mixed Reception On Trump NFTs
The NFTs got a mixed reception from the crypto community with some mocking the artworks while others applauding the former United States president to be among the few politicians pushing the Web3 narrative.
While speaking to the OAN network regarding the NFTs, Donal Trump stated that: “You know, it’s sort of comic book art when you think of it, but they showed me the art and I said, gee, I always wanted to have a 30-inch waist.”
Also Read: 3 Reasons Why NFTs Might Make Perfect Christmas Gifts This Year
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