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.
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 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.
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.
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.
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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.
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