Donald Trump NFTs Crash in Value by 80% After Just 2 Weeks

By Rick Martin First Posted: Jan 02, 2023 08:47 PM EST

When former President Donald Trump announced his NFT collection last month after much hype about a "big announcement," it left followers disappointed and critics laughing. Now, the prices of those Trump NFTs have crashed after just 14 days.

According to NFT Evening, the Donald Trump NFT collection, known as TrumpCards NFT, had a significant drop in value, losing around 80% of it within two weeks of its release.

The Trump NFTs featured the former president in various occupations, from an astronaut to a cowboy. Each card was originally sold for $99, though buyers could not choose which card they would get as each card is randomly generated once paid for.

Several reasons have been pointed out as to why the TrumpCards NFT value had dropped, from NFTs related to political figures such as Trump being relatively new and unpredictable to the overall state of the cryptocurrency market. This means that the demand for these NFTs may fluctuate rapidly.

Donald Trump NFTs Continue to Slide in Value

Despite the many reasons given as to why Trump's NFTs came down crashing in value, Crypto site Decrypt pointed out that the value of these Trump NFTs continued to slide in momentum. On Wednesday, the secondary market sales of the Trump Digital Trading Cards were tallied just over $59,300 in total. This was a 98% drop from the peak sales day of over $3.5 million on December 17.

The hype over the Trump NFTs faded significantly, but Decrypt also pointed out that it was not dead yet. It was still the 69th best-selling NFT project at the moment, with sales worth a little over $44,000. However, this still pales in comparison to the current #1 NFT project, which is the Bored Ape Yacht Club, which has sold over $2 million.

The secondary market premium for TrumpCards NFT is also falling quickly. The floor price of the cheapest listed Trump NFT on a marketplace peaked at around 0.84 ETH (about $990) on December 17. However, it plummeted to just 0.15 ETH (around $180) in the top NFT marketplace OpenSea.

As of writing, some are even selling as low as $131 apiece. They are still more expensive than they were originally sold, but the prices have plummeted greatly from their peak.

TrumpCards NFT launched on December 15 and quickly sold out.

The Criticisms the Trump NFTs Had Before Launch

While Trump critics mostly laughed at the reveal of TrumpCards NFT, many crypto experts actually criticized several aspects of it, from its internal minting to the source of the artwork.

According to Be In Crypto, on-chain analyst OKHotshot stated that a thousand of these Trump NFTs were already minted internally before it was even launched. The major issue came because the rarest NFTs were part of those minted by the creators, which was around 26% of the 1/1 NFTs and 28% of the autographed NFTs were already minted.

Another issue came from the source of the artworks used for the NFTs. The collection claimed that these were hand-drawn artworks, but it was revealed that a lot of these Trump NFTs were just photoshopped images.

This article is owned by Latin Post.

Written by: Rick Martin

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