Donald Trump’s trading card plunges to a record low value
The value of former US President Donald Trump’s digital trading card has fallen to a record low.
According to tracking data from OpenSea, a non-fungible token (NFT) marketplace, just before 3 a.m. ET Saturday morning, the bottom price of the digital trading cards dipped briefly to 0.00057 Ethereum (ETH), a benchmark cryptocurrency, which as of 4:15 a.m. ET Tuesday would make one worth about $1.04.
Before falling near zero, the Trump NFTs had traded around 0.12 ETH ($218.37). Later on Saturday they returned to 0.12 ETH, and as of 04:45 ET Tuesday, their price is hovering around the 0.1147 ETH mark ($208.64).
When the former president first announced the release of the first batch of the digital collectibles, the 2024 presidential candidate was mocked for hailing the cards as a “big announcement.”
He has since been ridiculed for the art used on the cards, which show his likeness in a variety of different scenes and poses. These include being king at a playing card, serving burgers and hot dogs at a barbeque, and playing an electric guitar while riding a motorcycle.
The NFTs had been facing a gradual downward trend in value, hitting a 90-day high on February 16 of 0.694 ETH ($1,262.91). The digital trading cards saw an earlier drop in March, a few days before Trump’s long-awaited indictment by a Manhattan grand jury, after which the price normalized again.
Trump released the second series of NFTs on April 18, writing on his Truth social media platform that the decision to do so was “due to the great success” of the first round, which came out in December 2022.
This saw the price drop as the market was flooded with newly minted goods, normalizing again to around 0.13 ETH ($236.57) by April 19th. Trump’s trading card website says the latest batch was sold out after offering the fresh batch for $99 apiece.
It is unclear why the latest sudden decline occurred. However, data from the last 7 days indicates that more offers for NFT are being made at a lower value than listings at a higher value.
The Trump digital trading card website emphasizes that they “are intended as collectibles for individual enjoyment only, not for investment vehicles.”
NFTs represent a provably unique piece of code, meaning the holder knows it cannot be replicated and therefore stolen. To create some tangibility, NFTs are represented with unique artwork that is aimed at motivating buyers who want to own the unique artwork.
Despite being mocked for the move, Trump spoke on the conservative One America News Network in December to defend the decision. He stated that the digital trading card collection was about “art” and not money.
“You know, it’s kind of cartoon art when you think about it, but they showed me the art and I said, ‘Gee, I’ve always wanted to have a 30-inch waist,'” the former president said at the time.
“I look at these things and go, ‘Wow, that’s kind of sweet, who can sell, who can sell.’ They thought it would sell in six months, it sold in six hours.”
Newsweek reached out to Trump’s campaign via email for comment on Tuesday.
