According to recent reports, former US President Donald Trump’s NFT collection prices have dropped by 74% since Saturday. Last week, Donald Trump’s first official NFT collection was the talk of the crypto world, captivating Twitter and late-night TV shows.
The downfall of Trump’s first official NFT collection
As per CryptoSlam, Trump’s NFT collection or digital trading cards, minted on the ETH scaling network Polygon, reached its peak last Saturday, December 17th, with over 3.5 million USD worth of trading volume. Sales price rose even higher on Sunday, with per piece selling at an average price of 680 USD, although the total volume fell nearly by 1.95 million for the day.
However, day-over-day trading dropped by 57 per cent on Monday to about just 836,000 USD of ETH with an average selling price of $466/piece. Now, you can find the Trump NFT card for the lowest price on the leading NFT marketplace, OpenSea, at just 0.21 ETH or about $255.
About Trump’s digital trading card
Trump launched his digital trading card, minted on the ETH scaling network Polygon last Thursday, with 44,000 NFTs selling for $99 per piece in the primary sale. Buyers were incentivised by the possibility of winning to meet-and-greet or dinner with the former US president, Donald Trump, along with many other potential perks. As per the reports, another 1,000 NFTs were kept by the creators of the trading card for a total supply of 45,000 NFTs.
Before the project was launched, it received a lot of mockery and criticism even from some of the famous Trump own supporters; however, when the NFT collection was launched, it sold out within 24 hours and created a very high demand in the secondary market. Since then, the project has racked up over 8.7 million USD worth of secondary trade, which is a big number.
The price of NFTs peaked over the weekends, hitting 0.84 ETH or about 990 USD per piece. However, just 3 days later, Trump’s NFTs collection prices dropped by 74% when measured in USD. It was ranked only 10th on CryptoSlam’s list of the top-selling project in the last 24 hours. The NFT collection had over 472,000 USD in sales during that time. The Bored Ape Yacht Club topped the list with 3.8 million USD worth of NFT sales.
What are your thoughts on the current condition of Trump’s NFT collection or digital trading card? Do you think it deserved the hype? Let us know in the comments below. And, if you found our content informative, do share it with your family and friends.