Trump’s second NFT collection is selling out, while the prices of the first collection are plummeting
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In the early hours of Wednesday morning, former US President Donald Trump’s second series of non-fungible tokens (NFTs) sold out after being released to the public a day earlier.
The new collection contains 47,000 tokens, which were sold for $99 each, this time with limited one-of-one NFTs and autographed cards. Traders who bought 47 tokens would be eligible for a dinner with Trump at his Mar-a-Lago estate in Florida, while those who bought 100 would win not only the dinner but also a unique one-of-a-kind collectible with new rarity features.
The second collection features art very similar to that from Trump’s NFT debut in December, which also sold out within a day of its release. The first collection was a surprise success, and the floor price quickly rose within 24 hours of the sale, with prices on the secondary marketplace OpenSea reaching 0.19 Ether (ETH), or about $230 – more than double the original price. Trading volume also crept up to 900 ETH, or $1.08 million, the day after the sale.
Recent filings also indicate that Trump earned between $500,000 and $1 million from the NFT project via a licensing agreement he entered into with the collection’s creator.
However, the secondary market has cooled to Trump Trading Cards this time around.
According to OpenSea, the second series’ floor price is about 0.053 ETH, or about $108 – just a few dollars above the token’s original coin price. The trading volume is 774 ETH, or about 1.5 million dollars (the price of ether in December was about 40% lower than today).
While the price of ETH is currently hovering around $2,000, the return on the second collection already appears to be lower for holders in terms of speculation and utility. The first collection featured several contests with multiple opportunities to win real-life experiences, such as a Zoom call with Trump himself, a dinner in Miami or a cocktail hour at Mar-a-Lago.
The momentum is waning
Not long after the second series of Trump Digital Trading Cards dropped, Twitter users poked fun at the “gritty” artwork that was even more outlandish than the first series.
While many of the symbols appear in the same style as the first collection, featuring artwork of the former president in various outfits and backgrounds, the new symbols show Trump participating in activities such as playing guitar at a concert, hosting a barbecue, as a “king ” chess and even wrangle a lion.
“It’s Trump’s attempt to paint himself as the ‘alpha male’ he always wanted to be,” independent journalist Ed Krassenstein said on Twitter.
One of the rare NFTs depicting Trump as the King of Hearts is listed on OpenSea for 47 ETH, or about $94,000, although the highest bid for the collectible is 0.84 ETH, or about $1,600 at the time of writing.
Shortly after the second collection was released, Trump bemoaned my $99 price, claiming he “could have raised the price much higher” and said he “won’t be given any ‘nice guy’ credit for doing that.”
However, “nice man credit” may not even be enough to boost sales on some of the collections.
According to data from OpenSea, the floor price of the first series of Trump Trading cards has slowly declined over the past 24 hours. Since Tuesday, the floor price has fallen from 0.2 ETH, or $400, to about 0.14 ETH, or around $280. Meanwhile, interest in the second collection also appears to be waning, with sales falling from peaks seen earlier in the day.
