Trump NFTs Are Already Forgotten. Are We Surprised?

Devina Aurelia . January 02, 2023

Picture: MotherJones

Techspace - When they first went on sale a couple of weeks ago, former U.S. President Donald Trump's official NFT trading cards generated a lot of buzz in the cryptocurrency community, as well as on Twitter and late-night television. However, the excitement has since subsided drastically.

According to data from CryptoSlam, the entire secondary market sales for the Trump Digital Trading Cards, that are produced on the Ethereum scaling network Polygon, were little over $59,300 on Wednesday. That represents a 98% decline from the record sales day of more than $3.5 million on December 17 and carries on the NFTs' relentless decline in momentum and value.

But Trump's collection is far from dead. According to CryptoSlam, with little over $44,000 in sales during the last day as of this publishing, the ex-president's NFTs are also the 69th best-selling product overall. Top project, however, The Bored Ape Yacht Club, has sold more than $2 million in the previous day.

Trump NFTs' premium on the secondary market is also dissipating swiftly. In the days following the original mint, even an NFT with "common" artwork and features might fetch a significant multiple of its initial price of $99 thanks to the enthusiasm surrounding the project. On December 17, the floor price—the cost of the cheapest Trump NFT posted on a marketplace—rose to 0.84 ETH (or $990).

On December 15, 44,000 of the Polygon NFTs featuring the disgraced former president as a hero, boxer, and other characters were made available to the public as part of the debut of Trump's NFTs. The project's authors kept an additional 1,000 NFTs. Each $99 collectible was a chance to enter a drawing for prizes and benefits like dinner or a chance to meet Trump.

The project's floor price on the most popular marketplace OpenSea is currently only 0.15 ETH, or around $180. On the market today, some NFTs have gone for as little as $131 each.

The NFTs were widely ridiculed as a money grab, and even Trump's own fans even denounced them. Additionally, Trump's crew is said to have retained an excessive percentage of the collection's rare NFTs. Some of the design pieces appear to have been lifted from online garment pictures. Initial customers also complained about technological difficulties.

Nevertheless, the noise helped support secondary market demand for a few days afterward as some NFT "degenerates" traders saw a chance to make money by selling the contentious assets. However, the excitement was short-lived as prices and trade volume fell just a few days following the introduction. Additionally, sales data demonstrates that there is no increase in demand for Trump's digital trading cards.

The fine print on the website that sells the Trump photos states that none of the money will be spent on his campaign. As stated in the fine print, they instead go to NFT INT LLC, a business that Trump neither owns nor controls. It merely makes use of Trump's name and image thanks to a license deal with another business, CIC Digital, which is probably connected to Trump.

Neither NFT INT LLC nor CIC Digital have a recognizable internet presence or physical presence. Due to the fact that both companies were registered in Delaware this year, their ownership and administration are effectively hidden from the public.

Trump, who had previously criticized cryptocurrencies, claimed that he "didn't view it as an investment" and described the NFT artwork as "kind of cute."

Trump's inaugural NFT sale generated almost $4 million and was completely sold out in less than a day. With Team Trump taking a 10% share of transactions made through online markets that respect artist royalties, the project has so far generated around $9.8 million in secondary trade volume.

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