Donald Trump’s recently released NFT collection is fading according to the data provided by CryptoSlam. The collectibles gained a lot of investors’ attention upon the release. But it appears like its prominence has finally come to an end. The collection registered its all time low on Sunday, bagging only 21,272 USD, an almost 99% decline in contrast to its peak of 3.5 Million USD on December 17, 2022.
The Fading Hype
The collection comes with 45,000 unique images of the former US president in a combination of a variety of traits and backgrounds. The project sold around 44,000 pieces within a day. Trump took to Twitter that the collectibles come with perks for the initial buyers including meet and greet opportunities and a Gala dinner with him. Since its inception, the NFTs has registered over $10 Million worth of sales.
Currently, there are 33% unique owners in the collection according to OpenSea. Floor price has declined from 1.5 ETH upon its release to 0.17 ETH at the publication time, an around 90% plunge. Number of sales have decreased with the highest reaching 11,548 on December 16 2022 and lowest touching 55 on Saturday.
Other collections in the sector were declining too, where Bored Ape Yacht Club (BAYC) witnessed over 30% decline in their volume. Mutant Ape Yacht Club (MAYC), the sisters of the collection, saw an increase by over 38%. CryptoPunks saw the worst downfall among the popular collections with sales going down by more than 40%.
Tokens related to the metaverse remained immune to the downturn. Otherside, the upcoming metaverse project by Yuga Labs, saw an increase by more than 12% in a day. The company recently announced that they will reveal the “Second Trip” in 2023. Moreover, the game is expected to launch at some point this year.
Though if we spare a look over the monthly data, many of the collections mentioned here saw a positive momentum with Bored Ape Kennel Club (BAKC) rising by more than 250% over the period. Meanwhile, some mainstream companies are trying to hop up this bandwagon with Square Enix committing to the blockchain technology in 2023.
NFT integration into traditional gaming has met with community backlash in the past. Many believe that the concept is for the cash grabs having zero skills to the game. Also, the experts believe that non-fungible tokens are harmful for the environment considering carbon footprints they leave.
Source: https://www.thecoinrepublic.com/2023/01/10/donald-trump-nft-collection-loses-99-value/