Much of the ferocious volatility of the NFT market has been condensed into the first five weeks of Donald Trump’s NFT collection’s existence: it was widely mocked but ultimately sold out, then prices and sales skyrocketed before abruptly plummeting. Sales have just started to soar once more.
From Tuesday to Wednesday, the total daily sales volume for the official Trump Digital Trading Card collection increased by approximately 800%, going from about $34,000 on Tuesday to over $306,000 yesterday.
Data from analytics platform CryptoSlam, which shows continued progress with almost $241,000 in sales so far today, supports this. The site’s 24-hour trade volume increased by 1,900% at one point this morning in comparison to the prior reporting period.
Day over day, more NFTs were sold, but the average sale price also increased. Tuesday saw 115 transactions in total, with an average sale price of $296 worth of ETH per NFT. But yesterday, the totals increased to 704 NFTs exchanged at an average price of $435 per. The average price of sales so far today is roughly $670.
Data from NFT Floor Price shows that the starting price has roughly doubled from $235 worth of ETH at the beginning of Wednesday to $454 as of this writing. NFT Floor Price tracks the price of the cheapest-listed NFT for projects across prominent marketplaces. This morning, it reached $500 momentarily.
Although there isn’t a clear explanation for the sudden increase in activity, some users on Crypto Twitter think it’s related to a rumor that the disgraced former US president is considering re-entering the world of mainstream social media. Because he encouraged the attacks on the U.S. Capitol Building on January 6, he was banned from Facebook and Twitter.
Trump trading card NFTs quietly up 2x overnight… I think the boomers still don’t know how to use Polygon pic.twitter.com/XtBsvaKfeI
— 6445.eth 🧙♂️ (@sully_finance) January 19, 2023
Based on papers it examined, NBC News reported on Wednesday that Trump’s staff has asked Facebook to reinstate his accounts. Elon Musk, the CEO of Tesla and SpaceX and a fan of Dogecoin, recently unbanned his Twitter account after he bought the social media network late last year.
Trump unveils NFT collection
On December 15, 2022, Trump unveiled his line of NFT trading cards. The 45,000 digital souvenirs, which were printed on the Ethereum sidechain Polygon, feature images of the former politician as a superhero, cowboy, astronaut, and other fantasy characters. Each of the $99 items had a chance to win a unique benefit, such as supper with Trump or a meet-and-greet with him.
Including digital items like collectibles, artwork, and profile photographs, an NFT is a blockchain token that denotes ownership of a special object (PFPs). The NFT market generated over $25 billion in organic trading volume in 2021 and again in 2022, despite a dramatic decline in both sales and prices over the preceding several months.
Even some of Trump’s own fans have criticized the idea as a money grab, yet the 44,000 NFTs that were made available in the public sale (another 1,000 were held back) sold out in less than 24 hours. In the days that followed, secondary market prices soared, with the beginning price approaching $1,000 on December 17 as “Saturday Night Live” mocked the idea.
On that day, the daily trading volume peaked at almost $3.5 million, but it quickly started to decline. On January 8, the project experienced a daily low of little over $21,000 in NFT trades, a 99% decline from the peak day. Prices decreased as well, although owners of the least expensive listed treasures still demanded at least twice what they had paid new.
NFT initiatives frequently reach their peak in a short period of time due to the FOMO (fear of missing out) enthusiasm among investors and collectors, particularly flippers who seek out buzzy projects with quick profits. Most initiatives can’t keep up that kind of momentum for very long.
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