Interest in Donald Trump's NFTs has plummeted.
Demand for Trump's NFTs has faded, and sales volume and prices have plummeted.
Not only was the entire crypto world talking about the official NFT pictures of former US President Donald Trump when they launched, but social media was saturated with discussion, and it was even mentioned on several late night TV shows. But just a few weeks later, the hype around the collection of NFTs has ended, and the value has plummeted.
Secondary market sales of Trump's NFTs, which are minted on Ethereum scaling network Polygon, reached just over $59,300 on Wednesday, according to CryptoSlam. This is a 98% drop from December 17, when they peaked with a price of more than $3.5 million. Since then, the steady decline in both trading momentum and value of the NFTs has continued.
But the Trump collection isn't quite dead yet. At the time of writing, the former president's NFTs are, according to CryptoSlam, the 59th best-selling project over the past 24 hours, with sales of just over $52,000 over that period.
Meanwhile, the price per NFT is also quickly declining. Initially, the NFTs were sold for $99 each during the primary period, and in the midst of sales euphoria in the days after the first mint, even NFTs with "ordinary" artwork and characters saw a rapid price increase. The minimum price for the lowest ranked Trump NFT on the marketplace peaked at 0.84 ETH (approx. $990) on December 17.
Now, however, the minimum price on the OpenSea marketplace is only 0.15 ETH, or about $180. Indeed, some of the NFTs were selling for as low as $131 on the marketplace today.
The sale of the Trump NFTs was launched on December 15, with 44,000 NFTs from Polygon available to the public, featuring the ex-president as a cowboy, an astronaut, and in several other roles. The creators of the project kept 1,000 NFTs from the collection, and each $99 NFT also served as a ticket for a contest, one of the prizes being a dinner or meeting with Trump himself.
The NFTs have caused a great deal of controversy, being referred to as a "cheap money grab," and the collection has even been criticized by Trump supporters. Some of the outfits that Trump wears on the NFT cards were also apparently stolen from existing internet images, and some early buyers have complained of technical problems. Meanwhile, Trump's own team has reportedly kept a huge number of rare NFTs in their collection.
But despite all the negatives and controversy, there was demand in the secondary market for days afterwards, mainly because some NFT traders saw an opportunity to profit from the trade of such controversial assets. However, the hype was short-lived and prices and trading volume plunged mere days after the launch. And as the sales figures show, the market isn't clamoring for the Trump NFTs anywhere near as much now.
Trump, who has previously expressed his negative attitude towards cryptocurrencies, said in a recent interview that NFT artwork is "kind of cute" but that he doesn't "see it as an investment." The fact remains, however, that his first NFT collection sold out in just 24 hours and grossed just over $4 million, as well as $9.8 million on the secondary market to date. Trump's team takes a 10% cut of sales made through these secondary marketplaces as royalties.
Source: decrypt.co
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Not only was the entire crypto world talking about the official NFT pictures of former US President Donald Trump when they launched, but social media was saturated with discussion, and it was even mentioned on several late night TV shows. But just a few weeks later, the hype around the collection of NFTs has ended, and the value has plummeted.
Secondary market sales of Trump's NFTs, which are minted on Ethereum scaling network Polygon, reached just over $59,300 on Wednesday, according to CryptoSlam. This is a 98% drop from December 17, when they peaked with a price of more than $3.5 million. Since then, the steady decline in both trading momentum and value of the NFTs has continued.
But the Trump collection isn't quite dead yet. At the time of writing, the former president's NFTs are, according to CryptoSlam, the 59th best-selling project over the past 24 hours, with sales of just over $52,000 over that period.
Meanwhile, the price per NFT is also quickly declining. Initially, the NFTs were sold for $99 each during the primary period, and in the midst of sales euphoria in the days after the first mint, even NFTs with "ordinary" artwork and characters saw a rapid price increase. The minimum price for the lowest ranked Trump NFT on the marketplace peaked at 0.84 ETH (approx. $990) on December 17.
Now, however, the minimum price on the OpenSea marketplace is only 0.15 ETH, or about $180. Indeed, some of the NFTs were selling for as low as $131 on the marketplace today.
The sale of the Trump NFTs was launched on December 15, with 44,000 NFTs from Polygon available to the public, featuring the ex-president as a cowboy, an astronaut, and in several other roles. The creators of the project kept 1,000 NFTs from the collection, and each $99 NFT also served as a ticket for a contest, one of the prizes being a dinner or meeting with Trump himself.
The NFTs have caused a great deal of controversy, being referred to as a "cheap money grab," and the collection has even been criticized by Trump supporters. Some of the outfits that Trump wears on the NFT cards were also apparently stolen from existing internet images, and some early buyers have complained of technical problems. Meanwhile, Trump's own team has reportedly kept a huge number of rare NFTs in their collection.
But despite all the negatives and controversy, there was demand in the secondary market for days afterwards, mainly because some NFT traders saw an opportunity to profit from the trade of such controversial assets. However, the hype was short-lived and prices and trading volume plunged mere days after the launch. And as the sales figures show, the market isn't clamoring for the Trump NFTs anywhere near as much now.
Trump, who has previously expressed his negative attitude towards cryptocurrencies, said in a recent interview that NFT artwork is "kind of cute" but that he doesn't "see it as an investment." The fact remains, however, that his first NFT collection sold out in just 24 hours and grossed just over $4 million, as well as $9.8 million on the secondary market to date. Trump's team takes a 10% cut of sales made through these secondary marketplaces as royalties.
Source: decrypt.co
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