Trump’s digital trading cards, which are minted on
Ethereum scaling network
Polygon, peaked on Saturday, December 17 with over $3.5 million worth of trading volume, per data from
CryptoSlam. Sales price rose even higher on Sunday, with the
NFTsselling for an average of just over $680 apiece, although total volume fell to nearly $1.95 million for the day.
On Monday, however, day-over-day trading dropped 57% to about $836,000 worth of ETH, with the average sale price falling to about $466. Today, the cheapest available Trump NFT up for sale on leading marketplace OpenSea is listed at just 0.21 ETH, or about $255.
Trump launched his digital trading card NFTs
last Thursday, with 44,000 of the NFTs selling for $99 apiece in the primary sale. Buyers were incentivized by the possibility of winning a meet-and-greet or dinner with the former president, amid other potential perks. Another 1,000 NFTs were kept back by the project’s creators, for a total supply of 45,000.
Despite widespread mockery and criticism of the project—even from
some of Trump’s own supporters—the project
sold out within 24 hours and fueled secondary market demand. Since then, the project has racked up over $8.7 million worth of secondary trades.
Momentum peaked over the weekend, with the floor price—or cheapest listed NFT—hitting 0.84 ETH (about $990) on Saturday. Prices rose and fell in a volatile market ahead of
the NFTs being skewered on NBC’s late-night comedy show,
Saturday Night Live. Just three days later, the floor price has fallen 74% when measured in USD.
Trump’s digital trading cards project is ranked only 10th on CryptoSlam’s list of the top-selling projects over the last 24 hours. It has about $472,000 worth of sales during that span, while the
Bored Ape Yacht Club tops the list with $3.8 million worth of NFT sales.
Beyond it being a pairing of already-divisive subjects (Trump and NFTs), the project has
also been criticized for apparently using stolen artwork for some of its cards. Furthermore, the 1,000 NFTs kept by the project’s creators appear to
contain a disproportionate amount of the “rare” collectibles, prompting further skepticism from NFT observers.