Former US President Donald Trump has released a new set of NFT digital trading cards, marking his second foray into the world of non-fungible tokens. Despite the tens of thousands of new collectibles now available for mint, the floor price of his debut NFT collection has fallen by over 50%.
Data from the OpenSea marketplace shows that the price of the original Series One Trump NFTs, which began at nearly 0.4 ETH or $835 as of late Monday, has dropped following the new launch. As of now, the Series One NFTs on OpenSea are selling for just 0.1634 ETH or $355, representing a fall of 58.96% in the last 24 hours.
The second series of Trump Digital Trading Cards was launched On Monday, April 18, at $99, just like the original December 2022 release. The new release spans 47,000 NFTs minted on Polygon, an Ethereum sidechain network. Trump said on Instagram that he wants his fans and supporters to make money and have fun, stating the reasons for maintaining the old launch price of $99. While requesting for a ‘nice guy’ credit, he said: “I’m doing this because we’re all having fun and making a lot of money.”
According to statistics from NFT marketplace OpenSea, the floor price of the Series Two collection is now 0.061 Ethereum (ETH) or $120, totaling a volume of 706 ETH, equivalent to $1.2 million after a 24-hours launch. Notably, the debut collection has an NFT market share of over $14 million.
The drop in the price of the first series of Trump NFTs is not unexpected, given the influx of new NFTs from the second series. The market for NFTs has been volatile, with prices fluctuating rapidly based on demand and the perceived value of the collectibles.
Trump’s NFTs have been a hit with his fans and supporters, with many eager to own a piece of digital memorabilia from the former president. However, the NFT market is still relatively new, and it remains to be seen whether the value of Trump’s NFTs will hold up over time.
Trump’s move into the NFT market is part of a growing trend of celebrities and public figures using the technology to monetize their fame and reach. Other notable figures who have released NFTs include Elon Musk, Grimes, and Jack Dorsey.
While some have criticized the NFT market as a bubble waiting to burst, others see it as a new frontier for art and collectibles. The technology allows for unique digital assets to be created and traded securely, providing a new avenue for creators and collectors alike.
In conclusion, the release of Donald Trump’s second set of NFT digital trading cards has caused a drop in the price of his debut collection. The NFT market remains volatile, and it remains to be seen whether Trump’s NFTs will hold their value over time. Nevertheless, the move into the NFT market is part of a growing trend of celebrities and public figures using the technology to monetize their fame and reach.