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As investor interest weakened, Donald Trump NFTs lose 73% of their value in one month. Less than a day after its release, former President Donald Trump’s debut NFT collection sold out. Netting the designer close to $4.5 million.
On Thursday, the entrepreneur-turned-politician announced the introduction of the “Trump Digital Trading Card” in a widely reported statement. A cartoon depicting Trump dressed as a superhero and firing laser beams out of his eyes opens the clip. Real playing cards are displayed after cartoon images.
Donald Trump, who recently declared his candidacy for president in 2024, stated, “This is Donald Trump, hopefully, your favourite president, better in Washington than Lincoln.” speaking on camera.
Early Success Of Donald Trump NFT Collection
Non-fungible tokens with a playing card theme provide buyers with ownership of a digital version of the chosen picture. The photographs can be easily copied and viewed by anybody, not only the NFT buyer like most digital artwork can.
Digital images of the former president as an astronaut, racer, cowboy, and superhero are included in his $99 NFT. Which Trump characterises as “something linked to my life and profession.” According to the website collectTrumpCards.com, which catalogues the tokens, some have distinctive patterns while others have up to 20 variations.
In a promotional video, the former president stated, “Each card automatically provides you a chance to win a spectacular reward like dinner with me.” adding, “I don’t know if that’s a great prize, but we have it.”
[READ ALSO: Complete Guide On How To Mint NFTs]
Overview Of Donald Trump’s NFT Sales
According to CollectTrumpCards.com, further prizes available include a phone or Zoom chat with Trump, a golf excursion with a cocktail hour at Mar-a-Lago, and supper in Miami. According to the website, buying at least 45 NFTs enables owners to “guarantee seats to attend a gala dinner with Trump in South Florida.”
45,000 of his NFTs had been sold out by Friday morning. At $99 each, the sales come to $4.46 million. Prices for the chart start at $1,200 on the NFT marketplace OpenSea right now. The collectible’s creator, artist Clark Mitchell, receives 10% of all future sales. It’s unclear whether the deal will bring the former president financial gain.
The card’s owner is a business called NFT INT LLC, and a UPS facility in Park City, Utah, serves as the company’s mailing address.
Many people were shocked by the NFT collection, and some Trump supporters even made fun of it. Former Trump adviser Steve Bannon remarked on his program, “The War Room,” “I can’t do this anymore.” He stated that the assistants and PR specialists “should be fired right away” for promoting the NFT collection.
“Baked Alaska” figure Anthime Gionet, who was found guilty of the attack on the US Capitol on January 6, stated, “I believe I voted to jail NFT vendors. I can’t.”
In another tweet, he added, “I wanted to make America great again, but all I got was this sh—— NFT.” For “hateful conduct,” he was banned from Twitter, but just lately, his account was restored.
Donald Trump NFTs Lose 73% Value In A Month As Investor Interest Wanes
During the first week after its inception, NFT reached an astoundingly high price of $0.677 ETH, but since then, the floor price has been declining.
Data from LunarCrush reveals a sharp decline in the overall volume of social mentions over the previous month. Activity decreased by 30% to 2,840 mentions, and 97% of his social contributors disappeared.
The Trump NFT was made up of his 45,000 trade cards, which featured a variety of imaginative cosplay outfits, including those of astronauts, cowboys, and superheroes.
According to data from OpenSea, Trump NFT sales reached a record high of 5100 on December 12. However, that number fell rapidly the following day, by 97%, to just 131 units.
Owners of Trump Digital Trading Cards number 14,811. This indicates that it has 822 Ethereum in total volume and a unique ownership percentage of 33%.
NFT coins are being distributed by the same wallets that previously sold Trump NFT digital trading cards as tickets for giveaway prizes. These NFTs display pictures of playing cards carrying signs that resemble tickets and list prizes. One-on-one meetings with Trump, group drinks at Mar-a-Lago, a round of golf with Trump and two buddies that lasted an hour, a Zoom call, etc. are a few examples.
Conclusion: Donald Trump NFTs Lose 73% Value In A Month As Investor Interest Wanes
The value of NFTs can be highly volatile and can fluctuate greatly depending on factors such as investor interest, market conditions, and specifically, Donald Trump NFT in question. It’s not uncommon for NFTs to experience significant price drops, especially when the hype around them dies down.
It’s important for investors to be aware of the risks involved with investing in NFTs. Also, conduct thorough research before making any decisions.