The price of Donald Trump's NFT dropped by 72% over the previous week after experiencing a substantial increase in the first few days of introduction.
On December 17, Trump's Polygon-created NFTs saw record transaction volume. Volume exceeded $3.5 million.
The price of Donald Trump's NFT fell by 72% during the past week.
Days after former president Donald Trump's NFT collection grabbed social media attention and made news in the cryptocurrency world, the frenzy surrounding the digital collectible appears to have subsided. The price and volume of transactions for Trump NFTs are falling, and it appears that the NFT collection is fighting for survival.
The value of digital trading cards portraying Donald Trump has decreased by 72% in recent days, according to data gathered by OpenSea, a platform that tracks the market for non-fungible tokens (NFTs), after prices for the cards jumped to about 350% upon debut.
According to information given by report, the trade volume for Trump's NFTs, which were created on the Ethereum scaling network Polygon, reached an all-time high on December 17. The volume at the time exceeded $3.5 million. Trump digital trading card sales on the OpenSea website have similarly declined from a high of 6,661 on December 17 to just 529 on December 22 and 260 on December 23.
On Monday, however, the average sale price dropped close to $466, while the trade volume fell by 57% to roughly $836,000 in ETH. As of December 24, the NFTs have decreased by 72%, with each card now only being valued 0.23 ETH or $280. The one bright spot for its early investors is that those who purchased them at the debut price of $99 continue to make a respectable profit margin of 182%.
Donald Trump announced publicly earlier this month that he will be making a "major surprise" on his Truth Social website. Many commentators assumed that this declaration might have something to do with his probable bid for the president in 2024.
Trump was quoted as saying, My official Donald Trump Digital Trading Card collection is here, but it turned out to be his first experience with NFTs. Amazing ART of my Life & Career is featured on these limited edition cards! Compile a collection of your favourite Trump trading cards.
The cryptocurrency community had a mixed reaction to the NFTs, with some making fun of the artworks and others praising the former US president for being one of the only politicians championing the Web3 story.
"You know, it's sort of comic book art when you think about it," Donal Trump said in a statement about the NFTs to the OAN network. "But they showed me the image and I thought, gosh, I always wanted to have a 30-inch waist."
