A Month From Their Release, Sales of Trump NFTs Crater

Jimmy Aki
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Despite being surrounded by massive mania upon the launch, former President Donald Trump’s non-fungible tokens (NFTs) have tanked. 

Volumes Slump Across the Board   

Less than a month after they were launched, the NFTs promoted by former President Donald Trump has seen a massive drop in sales. Data on CryptoSlam revealed that the secondary market trading volume on the Trump Digital Trading Cards project saw a new daily low of just over $21,000 on Sunday. 

The number marked over a 99% decrease in daily volumes from the peak day – December 17, just a few days after the trading cards were launched. More than $3.5 million worth of the NFTs were traded soon after the original primary sale. 

There were over 2,000 unique buyers for the NFTs in December, with the former president capitalizing on his popularity. However, with the NFT market not being so healthy, the initial thrill for the Trump NFTs has fizzled out. 

CryptoSlam reported that as sales volumes hit a new low on Sunday, there were only 28 unique buyers for the Trump NFTs, all of whom purchased the cards across 98 total transactions. The prices of the NFTs have fallen significantly from the peak, and the NFTs’ floor price has dropped from a high of about 0.84 ETH on December 17 to just 0.17 ETH this week.  

It is worth noting that the floor price still stands ahead of the initial listing price of $99 for the NFTs. So, anyone who purchased the cards at the primary sale and sells them now will still make a bit of a tidy profit. 

A Dud From the Beginning 

The Trump NFTs have been an interesting development since they were announced. Many assumed that the former president was hinting at something relating to his next run for the White House in 2024 after seeing it on his Trust Social platform. However, these people were disappointed to learn that the former president was only looking to sell NFTs.

 

Besides ownership of the NFTs themselves, buyers would also enter into sweepstakes for their purchases. When they were announced, the former president claimed that fans who purchased up to 45 NFTs at once would be able to attend a gala dinner with him. Other possible prizes in the sweepstakes include cash prizes, a zoom call with Mr. Trump, and the opportunity to play golf with him at one of his clubs. 

Even with the prizes, the announcement was met with widespread derision from players in both the political and crypto spaces. Steve Bannon, a former adviser to the Trump administration, demanded that whoever came up with the idea to launch NFTs should be fired. Also, Conservative political commentator Ben Shapiro was quick to troll the president as having wasted everyone’s time with his announcement.

 

As for crypto industry players, many had mocked the former president for suddenly changing his tune on crypto now that he had found a way to profit from NFTs. 

Considering that the disgraced president had several opportunities to help the crypto cause while he was in power and did nothing, the fact that he is now embracing the technology isn’t necessarily sitting right with market participants. 

Market analyst Eric Wall even compared the Trump NFT collection to SimpDAO – an infamous NFT project created by Chinese influencer Irene Zhao in 2021.

About Jimmy Aki PRO INVESTOR

Based in the UK, Jimmy is an economic researcher with outstanding hands-on and heads-on experience in Macroeconomic finance analysis, forecasting and planning. He has honed his skills having worked cross-continental as a finance analyst, which gives him inter-cultural experience. He currently has a strong passion for regulation and macroeconomic trends as it allows him peek under the global bonnet to see how the world works.