Days after former President Donald Trump’s NFT collection made cryptocurrency headlines and garnered social media attention, the buzz around the digital collectible appears to have waned. With the price and trading volume of Trump’s NFTs dropping, the NFT collection seems to be fighting for its existence.
Donald Trump’s NFT prices drop
According to data compiled by OpenSea, a platform that monitors the non-fungible token (NFT) market, the value of digital trading cards featuring Donald Trump’s likeness has dropped 72% in the past few days; after prices for the cards skyrocketed to nearly 350% at launch.
The trading volume of Trump’s NFTs, which were developed on the Ethereum Polygon network, hit an all-time high on Dec. 17, according to data provided by CryptoSlam. At the time, the volume crossed the $3.5 million mark. On the OpenSea site, sales of Trump digital trading cards also declined, from a peak of 6,661 on Dec. 17 to just 529 on Dec. 22 and 260 on Dec. 23.
On Monday, however, trading volume fell 57 percent to about $836,000 in ETH, with the average selling price dropping to nearly $466. Currently, NFTs have suffered a 72% drop, with each card now worth just 0.23 ETH, or $280, as of Dec. 24. However, initial investors – those who bought them at $99 at launch – are still enjoying a decent profit margin of 182%.
Trump’s first NFT launch
Earlier this month, Donald Trump released an official statement indicating that he would make a “big announcement” via his Truth Social website. Many analysts speculated that the announcement could be related to his potential presidential bid in 2024.
However, it turned out to be Trump’s first appearance on NFT, where he was quoted saying:
My official collection of Donald Trump digital trading cards has arrived! These limited edition cards feature amazing illustrations from my life and career! Collect all your favorite Trump digital trading cards
Mixed reception on Trump’s NFTs
NFTs have received a mixed reception from the crypto community, with some mocking the artwork while others applauding the former U.S. president as one of the few politicians promoting the Web3 narrative.
In an interview with the OAN about NFTs, Donal Trump said, “You know, it’s kind of cartoonish when you think about it, but they showed me the art and I said, gee, I always wanted to be 30 inches tall.“