the first The Official Donald Trump NFT Collection I was the talk in the cryptocurrency world late last week, giving rise to Twitter and late night TV in the process. But after a rally in prices and volume over the weekend, both indices have fallen sharply, as the hype around the ex-president’s project appears to be dying down.
Trump’s digital trading cards, minted in an expanding network raisedAnd the ribbedpeaked on Saturday, December 17, with a trading volume of more than $3.5 million, according to data from cryptoslam. The selling price rose further on Sunday, with NFTsSelling for an average of just over $680 each, though total volume is down to nearly $1.95 million per day.
However, intraday trading on Monday was down 57% to around $836,000 worth of ETH with an average ask price of around $466. Today, the cheapest Trump NFT available for sale on the OpenSea main market is trading at 0.21 ETH, or about $255.
Trump launched his own digital NFTs last Thursday, with 44,000 NFTs selling for $99 each in the base sale. Buyers were incentivized with the chance to win a meeting or dinner with the ex-boss, among other potential benefits. The project creators have reserved another 1,000 NFTs, for a total of 45,000 units.
Despite widespread derision and criticism of the project—including from some Trump supporters—they sold out within 24 hours, and secondary market demand skyrocketed. Since then, the project has raised more than $8.7 million in secondary operations.
Momentum peaked over the weekend, with the lowest price — or cheapest NFT listed — at 0.84 ETH (around $990) on Saturday. Prices rose and fell in a volatile market before NFTs were mocked on NBC’s late-night comedy show Saturday Night Live. Just three days later, the lowest price had fallen by 74% if measured in US dollars.
Trump’s digital trading card project is only 10th on CryptoSlam’s list of best-selling projects of the past 24 hours. It has about $472,000 in sales over that period, instead Monkey Yacht Club Boredom He tops the list with $3.8 million in NFT sales.
In addition to being a mixture of already controversial issues (Trump and NFTs), the project is also has been criticized for apparently using stolen artwork for some of his cards. In addition, it appears that the 1,000 NFTs held by the creators of the project contain a disproportionate amount A “rare” collectible, which raises more suspicions among NFT watchers.