Days after former President Donald Trump’s collection of NFTs made cryptocurrency headlines and gained attention on social media, the hype surrounding this digital collectible appears to have died down. With Trump’s NFT prices and declining trading volume, the NFT collection seems to be struggling to exist.
Donald Trump’s NFT price crash
According to data collected by OpenSea, a platform that monitors the market for non-fungible tokens (NFT), the value of Donald Trump’s digital trading card has fallen 72% in the past few days; after card prices rose almost 350% at launch.
Trading volume for Trump’s NFTs, which were developed on the Ethereum Polygon network, hit an all-time high on December 17, according to data provided by CryptoSlam. At that time, the amount crossed $3.5 million. On the OpenSea site, sales of digital Trump trading cards also fell from a high of 6,661 on December 17th to just 529 on December 22nd and 260 on December 23rd.
On Monday, however, trading volume fell 57% to around $836,000 in ETH, with the average selling price falling to nearly $466. Currently, NFTs have dropped by 72% and each card is now worth only 0.23 ETH or $280 per card. 24. December. However, initial investors – those who bought them for $99 at launch – still enjoy a decent profit margin of 182%.
Trump’s first NFT launch
Earlier this month, Donald Trump released an official statement saying he would be making a “big announcement” via his Truth Social website. Many analysts have speculated that this announcement could be linked to his eventual run for the presidency in 2024.
However, this turned out to be Trump’s first visit to NFTs, where he was quoted as saying:
My official Donald Trump digital trading card collection has arrived! These limited edition cards feature amazing illustrations of my life and career! Collect all your favorite digital Trump trading cards
Mixed reception to Trump’s NFTs
NFTs have received a mixed reception from the crypto community, with some mocking the artwork while others applauding the former president of the United States, who is among the few politicians promoting the Web3 narrative.
During an interview with the OAN Network regarding NFTs, Donald Trump said: “You know, it’s kind of a cartoon when you think about it, but they showed me the art and I said, damn, I’ve always wanted to be a 30-inch waist.“
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