Trump’s NFT Struggle as Base Price Falls 74% in 3 Days: What’s Next for His Web3 Adventure? – Matic Network (MATIC/USD), Ethereum (ETH/USD)
Days after former president Donald Trumpits NFT collection dominated the cryptosphere and captured the attention of social media, enthusiasm for the project has waned, and prices and trading volume have declined after the weekend.
According to data from CryptoSlam, trading volume for Trump’s digital trading card was created at Ethereum ETH/USD scaling network Polygon MATIC/USDpeaked on December 17, with over $3.5 million.
On Sunday, the average selling price of the NFTs increased further to just over $680 a piece, despite a decrease in total volume to just under $1.95 million for the day.
On Monday, however, day-to-day trading fell 57% to roughly $836,000 in Ethereum, with the average selling price down to around $466.
Trump NFTs are currently offered for sale on the top marketplace OpenSea for just 0.21 ETH, or around $255.
Trump released his digital trading cards last Thursday, and in the first sale, 44,000 of the NFTs were sold for $99 each.
Along with other potential benefits, the chance to win a meet-and-greet with the former president motivated buyers.
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The project’s founders held back an additional 1,000 NFTs, bringing the total supply to 45,000.
Although critics, and even some of Trump’s own followers, derided the project, it sold out in less than 24 hours, creating demand on the secondary market.
Since then, secondary trades for the project have totaled more than $8.7 million.
The floor price, or cheapest NFT, reached 0.84 ETH (about $990) on Saturday as momentum peaked over the weekend.
Before the NFTs were ridiculed on NBC’s late-night comedy show, Saturday Night Live, prices fluctuated in the market.
In just three days, the floor price fell by 74%.
On CryptoSlam’s list of the most sold projects in the last 24 hours, Trump’s digital trading card project takes place on 10.
It traded around $472,000 during that time period, while Bored Ape Yacht Club (BAYC) leads the list with NFT sales of $3.8 million.
Along with connecting two contentious topics — Trump and NFTs — the initiative has come under fire for allegedly using stolen artwork on some of its cards.
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Photo: Courtesy of Gage Skidmore on flickr.
