Trump NFT’s thoughts as hype dies, floor price down 70%
by James · December 20, 2022
In short
- Donald Trump’s NFT collection loses value as sales fall after a brief weekend surge.
- Trading volume fell 57% from Sunday to Monday, while the floor price for the NFTs has fallen 74% since Saturday’s peak.
Donald Trump’s first official NFT collection our talk about the crypto world late last week, captivating Twitter and late night TV in the process. But after prices and trading volume surged over the weekend, both metrics have fallen sharply as hype around the disgraced former US president’s project appears to fade.
Trump’s digital trading card, which is embossed on Ethereum scaling network Polygonpeaked on Saturday, December 17 with a trading volume worth over $3.5 million, per data from CryptoSlam. The sale price rose even higher on Sunday, with NFTsselling for an average of just over $680 a piece, although total volume fell to nearly $1.95 million for the day.
However, on Monday, day-to-day trading fell 57% to around $836,000 in ETH, with the average selling price falling to around $466. Today, the cheapest available Trump NFT for sale on the leading marketplace OpenSea is listed at just 0.21 ETH, or around $255.
Trump launched his digital trading card NFTs last Thursday, with 44,000 of the NFTs selling for $99 apiece in the main sale. Buyers were motivated by the chance to win a meet-and-greet or dinner with the former president, among other potential benefits. Another 1,000 NFTs were held back by the project’s creators, for a total supply of 45,000.
Despite widespread mockery and criticism of the project — even from some of Trump’s own supporters—the project sold out within 24 hours and driven demand from the secondary market. Since then, the project has raised $8.7 million worth of secondary trades.
Momentum peaked over the weekend, with the floor price – or cheapest listed NFT – at 0.84 ETH (roughly $990) on Saturday. Prices rose and fell in a volatile market ahead of The NFTs are shifted on NBC’s late-night comedy show, Saturday Night Live. Just three days later, the floor price has fallen 74% in USD.
Trump’s digital trading card project is ranked only 10th on CryptoSlam’s list of the most sold projects in the last 24 hours. It has a turnover of about 472,000 dollars during this period, while Bored Ape Yacht Club tops the list with $3.8 million worth of NFT sales.
Beyond the fact that it is a pairing of already divisive subjects (Trump and NFTs), the project has has also been criticized for apparently using stolen artwork for some of his cards. Furthermore, it appears that the 1,000 NFTs were held by the project’s creators contains a disproportionate amount of the “rare” collectibles, leading to further skepticism from NFT observers.
