Fora News
Trump NFT's Flop: Price Drops 70% as Even QAnon Thinks The Cards Are Lame
One QAnon supporter called Trump NFT’s a “foolish NFT cash grab,” and another said Trump was “pushing NFTs to raise money for his campaign.”
Late last week, Donald Trump’s first official NFT collection dominated the cryptosphere and captured the attention of late-night TV and Twitter.
The enthusiasm around the project of the disgraced former U.S. president, however, seems to be waning after prices and trade volume increased over the weekend.
The cards were meant to appeal to his QAnon supporters, but instead angered many in the pro-Trump community. One user called it a “foolish Trump NFT cash grab,” another described it as “shilling NFTs for campaign funds”.
Another said Trump needs a new PR team. Others pointed out that a Q drop back in 2019 mentioned a “Trump card” while others pointed out it had been 1,700 days since that Q drop was posted.
According to statistics from CryptoSlam, trade volume for Trump’s digital trading cards, which are created on the Ethereum scaling network Polygon, peaked on Saturday, December 17, at over $3.5 million.
On Sunday, the average selling price of NFTs increased even further to just over $680, despite a decline in overall volume to little under $1.95 million for the day.
However, on Monday, day-over-day trade fell by 57% to ETH worth roughly $836,000, with the average selling price down to about $466.
Trump NFT is now being offered for sale on the top marketplace OpenSea for only 0.21 ETH, or around $255.
Trump released his digital trading cards last Thursday, and in the first sale, 44,000 of the Trump NFTs were sold for $99 each.
Along with other possible benefits, the chance to win a meet-and-greet or supper with the former president motivated buyers.
The project’s founders held aside an additional 1,000 Trump NFTs, bringing the total supply to 45,000.
Even some of Trump’s own followers mocked and criticized the initiative widely, yet it nevertheless sold out in less than 24 hours, generating demand for it on the secondary market.
Since then, secondary transactions for the project have totaled more over $8.7 million.
The floor price, or lowest posted NFT, reached 0.84 ETH (about $990) on Saturday as momentum reached its pinnacle over the weekend.
Prior to Trump NFTs being mocked on NBC’s late-night comedy program, Saturday Night Live, prices fluctuated in the market.
In only three days, the floor price has decreased 74% as expressed in US dollars.
On CryptoSlam’s list of the top-selling projects over the last 24 hours, Trump’s digital trading card project comes in at just position 10.
It had sales of around $472,000 throughout that time period, while the Bored Ape Yacht Club leads the list with NFT sales of $3.8 million.
Along with coupling two contentious topics (Trump NFT’s and NFTs), the initiative has come under fire for allegedly utilizing stolen artwork on some of its cards.
NFT watchers are even more dubious since the 1,000 Trump NFTs preserved by the project’s developers seem to include an excessive number of the “rare” treasures.
GET FORA IN YOUR INBOX.
THE LATEST
Crime
Turtle With $53 Million Worth of Cocaine Was Found By The US Coast In The Eastern Pacific
Turtle With $53 Million Worth of Cocaine Was Found By The US Coast In The Eastern Pacific In an unexpected …
Tech
Mysterious Flesh Pit National Park
Mysterious Flesh Pit National Park “Discover verdant forests, majestic scenery, and cosmic terror.” That’s the tagline on this eye-catching poster …
Science
How ‘Flat Earthers’ Persist After Being Proven Wrong Over And Over Again
How ‘Flat Earthers’ Persist After Being Proven Wrong Over And Over Again Flat-earthers believe one of the most curious conspiracy …
History
This Is The Only Existing Photo of Chernobyl Taken On The Morning of The Nuclear Accident
This Is The Only Existing Photo of Chernobyl Taken On The Morning of The Nuclear Accident The heavy grain is …
GET FORA IN YOUR INBOX.