The enthusiasm around the digital collectable appears to have subsided after a few days of being the focus of cryptocurrency and social media attention owing to former president Donald Trump’s NFT collection. The value and volume of transactions utilizing Trump NFTs continue to decline, giving the impression that the NFT collection is struggling to survive.
The value of digital trading cards featuring Donald Trump has decreased by 72% during the last several days, according to OpenSea, a marketplace for non-fungible tokens (NFTs), after originally rising by over 350%.
Interest Fading Away
The Ethereum scaling network Polygon was used to create Trump’s NFTs, and according to data provided by CryptoSlam, trading volume for those NFTs reached a record high on December 17. At that point, the volume had climbed to around $3.5 million. On December 17, sales of Trump digital trading cards on the OpenSea website reached a peak of 6,661, but by December 22 and 23, they had fallen to to 529 and 260, respectively.
On Monday, however, transaction volume in ETH fell by 57% to about $836,000, with the average selling price falling to over $466. As of December 24th, one NFT was worth only $0.23 ETH, or $280, a 72% decline. However, those who bought shares at the initial public offering price of $99 apiece still enjoy a solid profit margin of 182%.
To Make A Big Announcement
On his Truth Social website, Donald Trump has promised to make a “major surprise” later this month. His statement spurred speculation that he would run for president in 2024, and many analysts recognized a link between the two.
Additionally, Trump stated that the founding of NFT was not an investment plan but rather the result of his appreciation for art in a recent interview with a private cable news program. In addition, he considers his depictions in the Trump NFTs to be “kind of sweet.”
