Donald Trump, the former United States, unleashed a large collection of NFTs or Non-Fungible Tokens that created a craze on the internet with people rushing to own a piece. The Donald Trading Cards have more than 15,000 owners at a 34% unique ownership rate.
According to OpenSea, since mid-December, the floor price has taken significant falls as the collection dropped by more than 70%, with the floor price falling to below 0.2 ETH by December 30.
Most of the original buyers sold their NFTs pumping up the value to almost 0.9 ETH, a significant margin, and this caused the volume of sales (the number of cards being bought and sold) to decrease by around 94% and the total number of sales to fall by 93%.
However, even though the volume and number of sales have decreased, the overall value of the cards has increased. The floor price, the lowest price at which people sold the cards, has seen an 11% decrease.
The collection is still kicking, and according to CryptoSlam, the NFTs are in the top 70 best-selling NFTs, with $45,000 in sales in 48 hours. By comparison to the best-selling NFT projects like the Bored Ape Yacht Club, which have averaged over $2 million since launch.
The Original Cost of the Collection
Trump’s collection, or the Donald Trump Trading cards, sold out hours after their release owing to promotion by the former president as one of a kind. Each NFT, out of the 45,000 collections, averaged a price of around $99.
Themes and Controversies
The cards consist of Donald Trump posing in heroic poses, such as an astronaut ready to go where no former president has gone, and as a majestic superhero in red attire. According to the company that made the NFTs, Donald Trump does not own or control any of the NFTs.
This revelation comes after heavy criticism toward the company for allegedly using images from the web in their collection and keeping a ridiculous amount of the NFTs. On December 15, the company sold NFTs worth over $4.45 million on launch day since each NFT sold for $99.
The company’s profit also stems from the fact that the company owning the NFTs, NFT International, takes a 10% cut from all the transactions involving the collection. NFT International’s cut equates to $1.1 million, a large sum by most standards.
Donald Trump has never been a fan of the crypto industry, dubbing it a scam because it was competing against the dollar. However, in a recent interview, Trump said that the NFTs were cute and that his venture into the NFT space was not an investment.
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