Donald Trump’s trading cards collapse in value
Former US President Donald Trump released a new wave of NFT trading cards earlier this week, and he’s already seen their value drop significantly.
In a Truth Social post on Tuesday, Trump said: “I am pleased to inform you that, due to the great success of my previously launched DIGITAL TRADING CARDS, we are doing it again, SERIES 2, AVAILABLE RIGHT NOW. GO TO collecttrumpcards. com. Have fun!”
When Trump released the first wave in December 2022, the presidential candidate was mocked for hyping up the cards as a “big announcement.” He has since been ridiculed for the art depicted on the cards, which depict him as various characters, including as a superhero, a cowboy and an astronaut.
Trump’s digital trading card saw its price rise last month, amid speculation he would be indicted in New York. However, the price fell back when Trump was not arrested on March 21 as he had predicted and fluctuated over the following days before falling to 0.41 of an Ethereum (a benchmark cryptocurrency) on March 29.
The latest release has seen a notable drop in a few hours, despite an increase in selling activity.
The floor price for Trump’s non-fungible token (NFT) trading card was 0.42899 Ethereum (ETH) — roughly $887.07 — as of April 18 at 12:45 p.m., according to non-fungible token marketplace OpenSea.
Within seven hours, the floor price for the NFT trading cards had fallen to as low as 0.12 as of 18:59 on 18 April. Since the lowest price of 0.12 ETH, the floor price has seen a small increase to around 1.8 ETH.
The average trading card price on April 17 was 0.3943 ETH after a total of 38 sales. That compared to the average trading price on April 18 of 0.1569 ETH after a total of 1,035 sales.
Trump’s first NFT release saw the digital trading cards sell out within 12 hours of release. They were originally priced at $99 and about 14,000 people bought them.
The rapid sell-out of the digital trading cards led Trump to take to social media to brag about the achievement.
“WE MADE HISTORY!” he wrote on a Truth Social post. “My Trump Digital Trading Cards sold out in hours. Congratulations to the collectors. Thank you.”
Despite being mocked for the move, Trump spoke on conservative network OAN 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, wow, I’ve always wanted to have a 30-inch waist,” the former president said.
“I look at these things and say ‘Wow, that’s kind of cute, that can sell, that can sell.’ They thought it would sell in six months, it sold in six hours.”
Newsweek has contacted Donald Trump by email for comment.
