Last week, former US President Donald Trump grasped the media’s attention by making “a major announcement,” even though it was not what the public expected. And so, the digital collectible cards autographed by Trump were presented on Saturday Night Live, as the attention-seeking billionaire followed in the footsteps of his supermodel wife Melania by buying a big chunk of his own NFTs.
Despite the surging trading volume during the weekend, the hype built around the Trump Card NFTs seems to be fading away. The NFT collection peaked on December 16th, 2022 as all 45,000 digital cards were sold out, but the current metrics reveal that the interest in them was temporary.
Trump Cards NFT Floor Price on a Downward Slope
The Trump Cards went downward since Sunday when the NFT floor price climbed to a whopping $680, which equals 56 Ethereum (ETH). The trading volume had shrunk nearly ten times since Saturday when the total transaction volume reached $3.5 million. This Wednesday, it’s only 309.52 Ethereum (ETH), which converts to around $392,000.
Furthermore, there are several reasons for such a sharp decline. Firstly, many NFT enthusiasts encountered difficulties while purchasing one of Donald Trump’s inexplicable NFTs, as they were sent to a new wallet address rather than the one they specified on the website.
Secondly, people on Crypto Twitter started to notice that most of these so-called NFTs of the controversial 45th president’s “moments of amazing life & career” are just stock images, with watermarks still visible on some of them.
MSNBC has reported that Trump's NTF cards actually used unauthorized and unlicensed copywritten images from random sources. The astronaut one was directly off NASA's website and Trump's image was cut and pasted in.— Rand Paul's Neighbor - parody it's good to laugh (@jbrown11871) December 19, 2022
Thirdly, many crypto enthusiasts on Crypto Twitter expect to see a huge dump of the rarest cards in the collection. As most of the top rarity NFT cards were acquired by a couple of dubious wallets, odd transactions were made in relation to these top-tier NFT cards, implying that a possible dump is incoming.
Ultimately, the NFT floor price for the cards now stands at only 0.184 Ethereum (ETH), which converts to $223.69, according to CoinGecko. Having dropped by a whopping 28.1% in 24 hours, there’s still the same account holding 1,000 of the rarest Trump Cards, which ignited further skepticism from the crypto community.
Sad. There's about to be a new ton of folks that hate #nfts, that think #nfts are a scam, con, rug and will never be involved again. Yes folks. the Trump digital #nft cards, have had there pump with tons bought by dubious accs opened a few days ago, the dump is now in full flow..— markshaw.eth (@markshaw) December 19, 2022
On the Flipside
- Trump Cards NFT grossed nearly $9 million on secondary market and is still trading above the $99 initial price.
- According to crypto enthusiast Markshaw.eth, the collection is “a classic pump & dump.”
- Last year, the much-maligned 45th President of the United States claimed that “Bitcoin is not real money” and is “a scam invented to compete with the almighty dollar.”
- In response to Donald Trump’s NFT collection glorifying the former president’s life with stolen stock image photos, The Good Liars launched Honest Trump Cards NFT.
Why You Should Care
Celebrities often release NFT collections for promotional or commercial purposes. Hence, this type of NFT often generates a lot of social mentions and quickens the adoption of blockchain technology.
Get the scoop on the latest popular NFT collections: