Sunday’s sales were over 99 percent lower than December’s peak day, suggesting that the demand bubble had popped.
Less than a month has passed since Donald Trump’s official NFT trading cards were released to a largely perplexed response, even from his followers, and the ensuing hype was substantial but brief. Now, the NFT trading cards have plummeted to new depths as demand for the cards declines.
Sunday marked a new daily trading volume low for the Trump Digital Trading Cards initiative on the secondary market, according to data from CryptoSlam. On January 5, the NFT collection recorded its highest single-day total in 2023 which is a little under $33,000.
The daily volume has decreased by more than 99% since the peak day on December 17, when more than $3.5 million worth of the NFTs were traded shortly after the first public offering. As prices began to rise, there were more than 2,000 unique purchasers on that date last month and more than 3,300 unique buyers on December 16.
On Sunday, however, when sales volume reached a new daily low, CryptoSlam reported only 28 unique buyers and 98 total transactions. Similarly, prices have dropped significantly since their peak. The floor price, or cost of the least expensive NFT posted on a marketplace, has decreased from a high of approximately 0.84 ETH ($995) on December 17 to just 0.16 ETH ($215) today.
Still more than the original $99 mint price, this represents a potential benefit for those who purchased a digital card during the initial sale. The resale demand for the former president’s digital collectibles may decrease for those who bought them on the secondary market during or near the hype’s peak.
The NFT collection spans 45,000 digital cards showing the one-time leader in fantastical cosplay, dressed up as an astronaut, cowboy, or superhero. The items were produced on Polygon, an Ethereum sidechain, and gave initial purchasers the chance to win advantages like a dinner with Trump or a chance to meet him.
The project sold out 44,000 NFTs within twenty-four hours, making over $4 million from the initial sale, with the last 1,000 items being held back by the developers. Since then, the Trump NFTs have yielded over $10 million in secondary market trades, with the Utah-based company behind the collection receiving a 10% cut of any sales on markets that enforce resale royalties.
The NFTs were widely mocked on social media and in late-night television shows, such as “Saturday Night Live,” and their value and trading volume increased.
But the most recent sales data shows that traders who bought in “for the lulz” a few weeks ago have quickly lost interest after the initial rush. Even Crypto Twitter doesn’t pay much attention to them anymore. People are more interested in Solana’s dog-themed BONK token and other “degen” plays.
To be fair, it’s very common for a popular NFT collection’s value and trading demand to go through the roof right after it comes out, and then drop off a cliff. This is what happened with Art Gobblers, a controversial Ethereum project that came out at the end of October and quickly grew in popularity. According to CryptoSlam, it sold less than Trump’s project on Sunday, with just over $16,000 spread out over five transactions.
It’s much less common for an NFT project to stay popular for a long time or reach its peak after the initial mint, like the Bored Ape Yacht Club, which is the leader in its field. So far, Trump’s NFT collection doesn’t seem to be going against the grain. According to CryptoSlam, it’s only the 96th best-selling project over the last 24 hours.
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