The value and number of transactions using Trump NFTs continue to fall.
Those who purchased shares for $99 each still have a profit margin of 182%.
After a few days of being the center of crypto and social media attention due to former president Donald Trump’s NFT collection, the buzz around the digital collectable seems to have faded away. The NFT collection seems to be fighting for survival as the value and number of transactions using Trump NFTs continue to fall.
OpenSea, a marketplace for non-fungible tokens (NFTs), reports that the value of digital trading cards depicting Donald Trump has plummeted by 72% over the previous few days, after initially increasing by approximately 350%.
Interest Fading Away
According to statistics given by CryptoSlam, trade volume for Trump’s NFTs, which were built on the Ethereum scaling network Polygon, hit a record high on December 17. The volume increased to about $3.5 million at that time. Sales of Trump digital trading cards on the OpenSea website peaked at 6,661 on December 17 and have since dropped to only 529 on December 22 and 260 on December 23.
However, trade volume dropped by 57% to over $836,000 in ETH on Monday, with the average selling price dropping to around $466. As of December 24th, the value of one NFT has plummeted 72% to $0.23 ETH, or $280. Those who purchased shares for $99 each during the initial offering still have a respectable profit margin of 182%, though.
Donald Trump has said he would make a “big announcement” on his Truth Social website later this month. The declaration sparked rumors that he was considering a run for president in 2024, and many experts saw a connection between the two.