Trump’s NFT Collection: Prices Surge, Then Hit the Floor
Former US President Donald Trump’s NFT trading card collection sold out in a weekend after its release. But then metrics went down and the hype around the project began to fade.
Trump’s digital trading cards, that depict him in guises such as a superhero, astronaut and Nascar driver, peaked on Saturday, December 17, with over $3.5 million worth of trading volume, according to CryptoSlam. Sales price went even higher on Sunday, with the NFTs selling for an average of just over $680 apiece, although total volume fell to nearly $1.95 million for the day. On Monday, daily trading volume dropped 57% to about $836,000 worth of ETH, with the average sale price dropping to about $466. At the moment of writing, the cheapest available Trump NFT on OpenSea is listed at just 0.18 ETH, or about $218.
Former US President launched his NFT collection on December 15, with 44,000 of the NFTs selling for $99 each in the primary sale. By the way, the above mentioned current floor price is twice the initial price even though metrics have dropped. Potential buyers were lured by the possibility of winning a dinner with Trump, a one-on-one meeting with him, or signed memorabilia. 1,000 NFTs from the batch were kept back by the project’s creators.
The project started and within 24-hours sold-out, then fuelled by secondary market demand. In total it has racked up over $8.7 million worth of secondary trades. However, Trump’s project couldn’t avoid criticism, and there are quite a few things being discussed. Firstly, the project has been criticised for apparently using stolen artwork for some of its cards from small clothing brands. Secondly, 1,000 NFTs kept by the project’s creators appear to contain a considerable amount of rare collectibles, which prompted scepticism from NFT observers. Last but not least, an on-chain analyst and NFT auditor ‘NFTherder’ told his 42,000 followers that Donald Trump minted a thousand of his own NFTs to his vault wallet. The analyst also reported that the Donald Trump wallet minted 47 of the 179 1/1 and 21 of the 70 autographed NFTs.
1/ Turns out Donald Trump minted a thousand of his own nfts to his vault wallet
— OKHotshot (@NFTherder) December 17, 2022
Keeping a giant portion of the most rare nfts in his collection for himself
The 2nd minted nft was a rare 1-of-1, the chances ... pic.twitter.com/3m0MQGQydp
According to CryptoSlam, the Trump NFT collection has been the fourth best-seller over the past week. However, the Bored Ape Yacht Club remains king of the digital art world. Recently politicians have been using NFTs to fund their election campaigns, for instance, Colorado governor Jared Polis, but Trump denied that he was planning to use the money for campaigning. By the way, we just checked, and Barak Obama isn’t launching NFTs any time soon, let’s hope that this ex-presidential NFT obsession ends now.
Members Discussion