Trump NFT Sales Went Down to 98% From Peak

When they were first released a couple of weeks ago, the official Trump NFT trading cards of former President of the United States Donald Trump were the talk of the crypto industry, as well as a significant portion of Twitter and even late-night television. However, the hype surrounding these cards has significantly subsided since then.

According to data provided by CryptoSlam, sales on the secondary market for Trump Digital Trading Cards, which are minted on Ethereum scaling network Polygon, totaled a little over $59,300 in total on Wednesday. These cards were available for purchase. That’s a loss of 98% from the day on December 17 which was the highest sales day, which was over $3.5 million, and it continues the gradual decline in momentum and value for the NFTs.

However, Trump’s collection is far from being finished. According to CryptoSlam, the former president’s NFTs are currently the 69th best-selling project over the past 24 hours, with slightly more than $44,000 in sales over that time span. This is the case as of the time this article was written. On the other hand, the top project, the Bored Ape Yacht Club, has recorded sales of more than $2 million over the course of the last day.

Donald Trump claims that he established NFTs in order to promote art that is “kind of cute.”

The premium that Trump NFTs command on the secondary market is also rapidly decreasing. During the primary auction, each NFT was offered for sale at a price of $99, but when word spread about the initiative in the days that followed the initial mint, even an NFT that included “common” artwork and characteristics demanded a significant premium over that price. On December 17, the floor price, which refers to the price of the cheapest listed Trump NFT on a marketplace, reached its all-time high of 0.84 ETH (about $990).

The current floor price on the leading marketplace OpenSea is just 0.15 ETH, which is equivalent to around $180 USD. On the market right now, a single NFT has been purchased for as little as $131 in a few instances.

On December 15, Trump’s NFTs were released, and 44,000 of the Polygon NFTs were made available to the public. These NFTs depicted the disgraced ex-president in a variety of roles, such as a cowboy, an astronaut, and other occupations. The developers of the project kept another thousand of the NFTs for themselves. Each item costing $99 served as an entry into a sweepstake for the chance to win prizes and perks, such as a meal with Trump or a meet-and-greet with him.

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The NFTs were ridiculed as an attempt to steal money by a large number of people and were even denounced by some of Trump’s own followers. It appears that some of the artwork pieces were taken from images of garments that were found online. Additionally, it is believed that Trump’s team kept a disproportionately large number of the rare NFTs that were part of the collection. Additionally, there were initial consumers who complained about technical difficulties.

Notwithstanding this, the publicity boosted secondary market demand for a few days following the event, as some NFT “degen” traders saw an opportunity to profit from flipping the controversial assets. However, the excitement has not been sustained, as both price and trade volume plummeted just a few short days after the first introduction. The market isn’t showing any signs of becoming more hungry for Trump’s digital cards, as evidenced by sales data.

Trump, who had previously been against cryptocurrencies, stated in a recent interview that he “didn’t view it as an investment” and that the NFT artwork was “kind of charming.” Trump’s previous stance against cryptocurrencies can be found here.

The first offering of Trump NFT brought in more than $4 million and was completely purchased in less than a day. To date, the project has generated approximately $9.8 million in secondary trade volume, and Trump’s team has taken a 10% share of purchases made through markets that recognize creator royalties. In total, the project’s earnings have been approximately $9.8 million.

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