- Trump’s NFT collection has lost the majority of value.
- The sales saw its highest at $3.5 Million.
- It currently holds 69th position among best selling projects in 24 hours.
Major Slump in “Digital Trump”
Donald Trump recently released his NFT collection dubbed ‘Trump Digital Trading Cards” which instantly gained a lot of attraction from the community. But the craze appears to be fading as the collectibles have lost around 98% of their value in contrast to the peak sales of $3.5 Million. According to the CryptoSlam data, the collection holds 69th position in context to the best selling project in the past 24 hours.
It recently started to see heavy fluctuations in its floor price according to the OpenSea data. The collection witnessed Trump Digital Trading Card #5809 for about 37 Ethereum, becoming the highest selling asset in the cluster. The digital collectible became a subject of satire on the Saturday Night Live.
Moreover, the release was met with backlash from the audience including some of the Trump supporters themselves. Few of the art pieces were allegedly stolen from digital apparel imagery. Some even believe that a majority of the NFTs from the collection were held by his team.
The former US president has opposed crypto assets in the past. Recently, he said in an interview that the move was “sort of cute” and he “did not see this as an investment”. He announced his campaign for a second non-consecutive presidential term on November 15, 2022, in Palm Beach, Florida.
Recently, he announced his third campaign but Time reported that he has gotten involved in a historic criminal referral. This has also declined his favorability rating to 31%, according to a poll conducted by Quinnipiac University. He has not done anything to deal with the issue and has rarely left his home in Mar-a-Lago.
The NFT sector has seen a huge downturn this year as the market has lost over 90% sales since the year’s beginning. Investors have started to lose interest in the space as the crypto winter has put a halt on their possibility to witness some gains. Moreover, frauds in this industry are rising following various loopholes in the ecosystems.
Bored Apes Yacht Club (BAYC), one of the most popular NFT collections, became a subject of skepticism following a lawsuit involving celebrities like Jimmy Fallon, Justin Beiber, Post Malone and more. The plaintiffs alleged that these celebs promoted the collectibles which pumped its value, attracting several investors in the space.
Crypto industry is already labeled as “Financial Wild West” by US regulatory watchdog, Securities and Exchange Commission (SEC), due to extreme volatility in asset prices. The market has not shown any sign of recovery amid this crypto winter and is unlikely to see any in near future according to some experts.
Source: https://www.thecoinrepublic.com/2022/12/30/donald-trumps-nft-loses-majority-of-value-from-ath/