Donald Trump’s NFTs Heading For Bankruptcy? – The Cryptonomist

It appears to be official: Donald Trump’s NFTs is plummeting, with the hype dying down and a drop of approx 70%.

Last week, Donald Trump’s first official NFT collection was the news of the moment in the cryptocurrency world, captivating people on Twitter.

However, after prices and trading volume rose over the weekend, both metrics fell sharply as enthusiasm around the former US president’s project appears to be waning.

Donald Trump’s digital trading card, embossed on Polygonits scaling network, peaked on Saturday, December 17, with a trading volume of more than 3.5 million dollarsfollowing CryptoSlam data.

Also, the selling price rose even higher on Sunday, with NFTs selling for an average of just over $680 each, although overall volume fell to almost 1.95 million dollars on the day.

Donald Trump’s NFTs in freefall: was it just initial enthusiasm?

Despite the initial success of Donald Trump’s NFTsit appears that daily trading on Monday fell 57% to approx 836,000 USD of ETHwith the average selling price falling to approx $466. But these days the cheapest Trump NFT is available for sale on the main page Open sea the market is trading at just 0.21 ETH, or around $255.

More specifically, Trump launched his digital trading card NFT last Thursday, with 44,000 NFTs sold for $99 each in the main sale.

Buyers were encouraged by the chance to win a meeting or dinner with the former president, among other potential benefits. An additional 1,000 NFTs were retained by the project creators, for a total supply of 45,000.

And despite widespread teasing and criticism of the project, which included some of Trump’s supporters, the project sold out within 24 hours, fueling secondary market demand. Since then, the project has accumulated secondary transactions worth more than 8.7 million dollars.

Momentum peaked over the weekend, with the lowest price, or cheapest listed NFT, reached 0.84 ETH (about $990) on Saturday.

Prices rose and fell in a volatile market before the NFTs were made fun of by NBC’s late-night comedy show, Saturday Night Live. Three days later, the minimum price fell 74% in USD terms.

Trump’s digital trading card project is ranked only 10th on CryptoSlam’s list of best-selling projects in the last 24 hours.

It has approx $472,000 on sale during that time frame, while Bored Ape Yacht Club tops the list with 3.8 million dollars in NFT sales.

Why have Trump Digital Trading Cards been criticized?

As well as being a combination of already divisive topics – Trump and NFTs – the project has also been criticized for apparently using stolen artwork for some of its cards. In addition, the 1,000 NFTs held by the project’s creators appear to contain a disproportionate amount of “rare” collectibles, creating further skepticism from NFT observers.

Yet digital collectibles have crept into the cultural spotlight on Saturday nights as the subject of satire on the comedy show Saturday Night Live.

Last night’s episode actually opened with a sketch by a comedian James Austin Johnsonwhich mimicked the previous president’s announcement unveiling digital collectibles.

In Johnson’s portrayal of Trump, refers to NFTs by their “technical term” as “Nifties,” the comedian said:

“Sounds like a scam, and in many ways it is, but we love Trump cards.”

Johnson also referenced ongoing investigations into Trump, such as his alleged mishandling of classified information, during the comedian’s satirical promotion of digital collectibles.

Also holding up a box full of documents marked “classified,” the comedian said:

“The best part is that each card has an automatic chance to win an exclusive mystery prize where you can choose anything from this cool box.”