Meta Digest

Trump NFT bounces back from its January low

Hector Andrews Hector Andrews on March 20, 2023

Trump NFT – The NFT market is notoriously volatile, and some projects may get a lot of interest before failing to take off.

Donald Trump NFTs have just resumed their upward trend.

The news

In December, the Donald Trump NFT trading cards made their debut and attracted interest among Web3 users.

However, the frenzy lost steam in January.

The pace of the Trump NFTs didn’t take up again until the disgraced former US president declared his intention to run for politics once again and hinted at the possibility of returning to social media.

The NFTs

The Polygon Ethereum scaling network is where the Trump NFTs are created.

The collection sold for $1,000 on Sunday, setting a new record for the collection’s floor price (which is the least expensive NFT available).

NFTs issued by Trump initially cost $99 apiece.

Sales

Trump’s business associates sold 44,000 of the 45,000 Trump NFTs by the middle of December.

On December 17, the NFT prices reached a high of $990 in ETH on OpenSea after a sharp increase.

The initial excitement, however, was short-lived as prices began to decline in the days and weeks that followed.

NFT Price Floor data for the whole market, however, shows that prices have been continuously increasing since January.

They reached a fresh peak of $1,000 on Sunday, February 12, up from $250 in ETH on January 13 to that point.

The Trump NFTs rose back to the $1,000 mark after a brief decline.

February progress

Trump NFTs have produced over $2.4 million this month, according to CryptoSlam statistics.

The sums almost exactly equal January’s total ($2.6 million in deals).

To $905 per deal, the average sale price nearly doubled.

The initiative has also generated approximately $313,000 in trades over the past 24 hours.

Read also: Cool Cats unveils 2023 plans, and it gets better

Criticism

The Trump NFTs’ release was heavily condemned.

The drop was criticized by the disgraced former president’s followers among others after he hailed the collection as a “big announcement.”

The early sales of Trump NFTs were bolstered by the media attention, though, and 44,000 NFTs were sold for $99 each.

They subsequently produced secondary market sales amounting to millions of dollars.

The project creators received a 10% share of the secondary sales during the sales.

But in January, daily trade volume fell sharply, dropping by 99% from its peak.

It appeared like the hype vanished because of the abrupt downturn.

However, traders appear to be betting that if Donald Trump returns to the public eye, the NFT’s value will increase.

Reemergence

Due to Donald Trump’s involvement in the attacks on the US Capitol on January 6, 2021, his social media accounts on Facebook, Instagram, and Twitter were originally blocked.

They were just restored, however.

Trump has not yet used his previous accounts despite the reinstatement.

The Director of Research for Proof pseudonymous user punk9059 said:

“My sense is that people are anticipating a possible rally if he speaks about the NFTs, should he return to Twitter, or otherwise.”

Trump NFT prices were skyrocketing as Meta made plans to give the former president access to his social media accounts again in late January.

It was verified that the accounts had been unlocked last week.

After purchasing the business, Elon Musk conducted a public poll on Twitter asking followers whether or not to continue the ban on Trump.

In the end, the embargo was removed.

Recent sales activity

Recent sales activity on OpenSea suggests that seasoned NFT traders are loading up on Trump NFTs in bulk in anticipation of a potential further increase.

Many of the traders that are currently purchasing Trump NFTs have previously gathered and sold different NFTs.

More than simply Trump supporters trying to enter the NFT market are behind the overwhelming purchase.

Early in February, DonAlt, a pseudonymous crypto YouTuber, stated that he had purchased a number of Trump NFTs in an effort to predict the collection’s future worth.

The YouTuber dubbed the images “hideous pictures,” but he also said it was “oddly iconic.”

Additionally, he claimed that when Trump’s 2024 presidential campaign heats up, he would probably make more TV appearances.

“It’s a 50 IQ play,” said DonAlt. “It’s Trump. He’s gonna be loud again in 2024.

Image source: Market Watch

NFT trade are looking good for early 2023

Hector Andrews Hector Andrews on January 25, 2023

Image source: Forbes India

NFT trade: The price of cryptocurrencies has been rising over the last several weeks, showing a favorable development.

There are indications that the NFT market is recovering at the same time as rising cryptocurrency prices.

The top NFT marketplace, OpenSea, had monthly Ethereum NFT sale increases back-to-back for the first time in a very long time.

There is still one week until February, but the January sales total is already exceeding the December total.

The road so far

According to blockchain data made available to the public by the analytics platform Dune, this month, OpenSea completed Ethereum NFT trades totaling nearly $320 million.

In contrast, the total for December brought in almost $283.5 million.

Additionally, OpenSea reported higher revenues last month for the first time since April 2022, up from $235 million in value in November.

The increase is due to Ethereum’s increasing value, which has increased by 33% over the last 30 days and reached a price of $1,620 on Monday.

However, when represented in ETH, January’s OpenSea sales only slightly surpass December’s 227,000 ETH.

In contrast, only about 191,000 ETH worth of Ethereum NFT were sold by OpenSea in November.

OpenSea

Despite months of dropping sales, the increase in OpenSea is good for the NFT trade.

However, the numbers also show how badly the market worsened in 2022.

OpenSea experienced its best-ever month in January 2022, with Ethereum NFT sales totaling over $4.86 billion.

In the first five months of 2022, the NFT market saw NFT trading volume totaling more than $2 billion.

However, it also went through erratic fluctuations throughout that time.

Previously, between December 2021 and January 2022, OpenSea had two consecutive months of sales volume increase.

Other signs

There are other signals of development in the NFT sector in addition to those from OpenSea.

For instance, the cost of highly regarded collections has increased.

In the last 30 days, the cheapest Bored Ape Yacht Club NFT increased from $84,500 in ETH to $108,000.

Additionally, CryptoPunks increased from $76,500 in ETH to $108,000.

According to CryptoSlam, sales of Bored Ape have increased from 45% during the last 30 days.

Sales of Art Blocks increased by 62%, while Azuki NFTs saw an 89% increase.

Beyond OpenSea, the amount of NFT trade has risen.

In that time, the amount of Ethereum NFT sales increased broadly by 33%, whereas Solana NFT sales increased dramatically by 95%, according to CryptoSlam.

Read also: Cryptocurrency rally is good, but people are wary

Additional notes

DappRadar reports that as compared to November, the amount of organic market sales generally slightly increased in December.

From $662 million, it increased to $684 million.

The secondary market trade was boosted last week by the introduction of Sewer Pass NFT for BAYC members.

There have been secondary deals totaling more than $35 million thus far.

Due to Yuga Labs’ restriction of Blur and LooksRare, secondary NFT trades have primarily been conducted on marketplaces like OpenSea and X2Y2.

The issue with creator royalties is what caused the block.

Creator royalties issues

Marketplaces made an attempt to stop creator royalties on NFT sales in late 2022.

But when they expressed their disapproval, Yuga Labs made it plain where they stood.

Yuga Labs acted fast to stop secondary NFT trade on particular platforms when Sewer Pass NFT launched.

A positive year

NFT trading volumes have lately been driven by the Bored Ape Yacht Club and associated collections.

Yuga’s initiatives were mentioned as accounting for half of the whole Ethereum NFT trading volume in the previous week by Pseudonymous Proof Director of Research Punk9059.

In addition, early-year activity in 2022 was mostly driven by the BAYC NFTs.

No significant changes have occurred thus far.

It is still to be seen if the most recent signs would materialize into a full-fledged NFT market recovery.

There has never been any question that the market will lose impetus in 2022, but after several months of dwindling activity, any upward movement is welcomed by traders.

 

2022 NFT sales were positive despite market crash

Stephen Reynolds Stephen Reynolds on January 5, 2023

Image source: Kiplinger

NFT: A digital asset known as an NFT signifies ownership of a unique object or item.

It could be a tweet, a work of art, a collectible, a video game item, etc.

A blockchain, a decentralized and secure digital ledger, is where NFTs are stored.

Their capacity to prove ownership and authenticity of digital things has attracted much interest in recent years.

2021 popularity

NFTs saw a rise in popularity in 2021, especially in the art industry.

Digital artworks have been sold using NFTs for high prices; some artists have made millions from the sale of their NFTs.

The convenience with which NFTs may prove a digital item’s ownership and authenticity is one of the factors contributing to their appeal.

Since digital artworks can be copied and shared online, the art world finds this particularly enticing.

Another factor contributing to NFTs’ appeal is the ease with which people can buy and sell them, thanks to online markets.

2022 market

The NFT and cryptocurrency sectors experienced months of falling sales last year.

Despite a sharp decline in cryptocurrency values, the entire NFT sales volume nearly reached its peak in 2021.

Data from DappRadar indicates that a positive start to the market in 2022 contributed to the final tally, offsetting the subsequent months of weakness.

Over $24.7 billion in organic trading volume was created last year on blockchain platforms and marketplaces.

Even so, it represented a minor decline from the $25.1 billion total in 2021, when the industry surged and tokenized collectibles started to gain specialized interest.

Wash trading

The information DappRadar provided omits suspicious trades, particularly those resulting from wash trading.

Wash trading is the practice of traders selling their NFTs at inflated prices back and forth within their controlled wallets.

Trading typically takes place to benefit from a token rewards mechanism on marketplaces.

The figures didn’t include wash trade worth billions of dollars from sites like LooksRare and X2Y2.

Both markets provide virtual incentives for trading.

Trading volume

Although trading volume was static throughout the year, DappRadar saw an increase in the number of NFTs exchanged.

In 2022, the firm recorded over 101 million trades, up from 58.6 million in 2021.

However, because of the unstable cryptocurrency and NFT pricing, NFTs were traded at lower USD values.

Read also: Coinbase stock price jumps after settlement

Falling value

The value of the cryptocurrency market decreased significantly in 2022.

Following the breakdown of Terra’s LUNA and UST in May, the losses were severe.

The collapse of FTX, which had a ripple effect on cryptocurrency values, worsened the crypto winter.

In 2022, the NFT market took a similar trajectory.

Due to the momentum from 2021 continuing into the new year, sales were strong in January.

OpenSea reported a $5 billion trading volume record.

The following months saw a decrease in trading volume, however.

The debut of Yuga Labs’ Otherside stabilized the market in April, which helped OpenSea set a single-day trading volume record.

By that point, the 2022 sales volume appeared to surpass the 2021 total.

May collapse

The spike in sales only lasted briefly as crypto prices took a steep fall in May.

As a result, NFT trading prices fell sharply, losing their momentum.

In May, monthly volume declined from almost $3.3 billion to over $1 billion in June.

Since then, the market has been unable to reach the same heights as the $1 billion mark.

Leading NFT

The Bored Ape Yacht Club was the most popular NFT project in 2022.

It produced trade volume reaching close to $1.6 billion.

However, the bulk of the trading took place from January to May.

Due to this, starting prices decreased from a peak of $429,000 worth of ETH in late April to the more recent $60,000 in November.

Closing market

The NFT market began 2022 with a bang but ended the year in a hush.

In November, trading improved marginally, while NFTs sold in December recovered from a decline.

DappRadar estimates that the market generated roughly $684 million in organic trades in December, up from an adjusted total of $662 million in November.

That month saw the sale of more than 6.7 million NFTs, up from 4.8 million in November and 6.1 million in October.

With approximately $297 million in organic NFT trades in December, OpenSea remained the market leader.

Blur, a new rival encouraging trading with the promise of token incentives, saw a surge in December from $115 million to $177 million.

Solana continued its patchy performance, decreasing from November’s $95 million to $70 million.

After almost generating $134 million in NFT sales, it decreased in October.

In addition, after the FTX crash, SOL values decreased in November and December.

Reference:

NFT sales in 2022 nearly matched the 2021 boom, despite market crash

Reddit’s Collectible Avatar NFTs attracts millions of users

Hector Andrews Hector Andrews on October 25, 2022

Image source: The Crypto Times

Reddit has become a major factor in the NFT movement as users have been buying Reddit’s Polygon-based avatars.

An executive revealed last week that users had created 3 million Polygon wallets to collect and store NFTs.

There are nearly three million NFT avatars in circulation today.

As collectors view Reddit NFTs as a significant trading opportunity, sales continue to rise.

Secondary market sales

Reddit’s collectible NFT Avatars are available for minting on Polygon, an Ethereum scaling network.

On Monday, secondary market sales were $1.88 million, up 799% from Sunday, according to data from the public blockchain.

The dashboard shows that the sales volume has increased for five consecutive days.

In 24 hours, Reddit avatar NFTs generated $1.95 million in sales through 4,700 traded NFTs.

On Tuesday, 17 of Reddit’s top 20 individual sales of Collectible Avatars took place.

It also includes Spooky Season Avatar, Best Selling.

The avatar sold for 18 ETH (approximately $24,150).

The NFTs

Pali Bhat, chief product officer of Reddit, announced that over 3 million Reddit Vault wallets had been created in the past week.

According to the Dune dashboard, over 2.9 million avatars are currently in circulation.

Some avatars were premium NFTs purchased on the site.

Initial fixed prices range from $10 to $100.

According to data from Reddit Floor, Reddit users were able to get over 86,000 NFTs.

They now have a combined market value of over $100 million.

Other Reddit NFTs have been given away or airdropped for free to loyal Reddit users in over 100,000 subreddits.

The giveaway also introduced people to NFTs.

Other NFTs

Avatar NFTs were just some of the tokens on offer.

Reddit NFTs from the Aww Friends, Drip Squad, Meme Team, and The Singularity collections were also given away for free to eligible users.

The OpenSea marketplace indicates more than 2.8 million NFT collections on the market.

However, NFTs are trading at lower prices than those sold by Reddit.

The Reddit NFTs

Reddit’s NFT avatar is based on Snoo, its alien mascot.

Also, each NFT comes with different visual styles from different artists.

Popular collections of Reddit NFT include:

  • The Senses by pseudonymous artist Rojom
  • Foustlings by Tyler Foust
  • Spooky Season collection by poieeeyeee

NFT traders were excited about the Reddit avatars all weekend, praising the collection for its NFT launch.

Merchants also pointed to the streamlined interface Reddit uses to sell them.

People who bought NFTs from Reddit didn’t need cryptocurrency.

The platform has also not labeled collectible avatars as NFTs.

Others saw NFTs as a business opportunity, and prices on the secondary market rose as the number of sales increased.

Reference:

Reddit NFTs surge as Polygon-based Avatars reach millions of new users