Trump’s NFT trading cards just hit new peak price.
After a sharp drop in January, the price of the ex-president’s Polygon NFT trading cards just hit a new high. Why are they again so popular?
When Donald Trump’s NFTs released in December, Donald Trump’s NFT trading cards attracted a great deal of attention, but their popularity waned by January. As the disgraced former president of the United States considers another run for office and a possible return to social media platforms, demand for crypto wallet may make money his collectibles is once again on the rise.
Trump’s NFT collection’s journey.
According to statistics from NFT Price Floor, Trump’s digital trading card NFTs issued on Polygon, an Ethereum scaling network, reached a new all-time high floor price of $1,000 on Sunday. The “floor” is the lowest price published for an NFT from a specific project on a marketplace.
The NFTs were first made and sold for $99 each. By mid-December, interest NFT projects Trump’s business partners had sold 44,000 of the 45,000 collectibles. Prices went up quickly, reaching $990 worth of ETH on the top market OpenSea on December 17. However, the hype didn’t last long, and prices went down in the days and weeks that followed.
Mcap for these at the current price point (at floor) For reference:
Trump: 28k ETH Shib: 4500k ETH / 160x bigger BAYC: 750k / 27x bigger.
1) An excellent meme 2) An excellent grifter 3) Gonna be on TV a lot going into 2024.
How much does that make his NFT worth? — DonAlt (@CryptoDonAlt) February 12, 2023.
But market-wide data from NFT Price Floor shows that prices have been steadily going up since the middle of January. On January 13, one ETH was worth about $250, but on Sunday, it reached a new high of $1,000. As of this writing, the floor had only gone down a little, to $983.
CryptoSlam’s sales data shows that over $2.4 million worth of Trump NFTs have been traded so far in February. This is almost as much as was traded in all of January, which was just over $2.6 million. The average sale price has nearly doubled to $905 per trade, and they’ve made about $313,000 in trades in the last 24 hours alone.
Even some of Trump’s own supporters criticized the first drop of the NFTs, which he had been teasing as a “major announcement.” Initial sales of the 44,000 NFTs, priced at $99 each, and secondary market sales totaling millions of dollars were spurred by the excitement around the project. The creators of the project receive a 10% cut on secondary sales.
Most of the time, NFT it looks like traders are betting that the NFTs will get even more valuable as Trump gets back into the public eye.
Content Source: decrypt.com.
Cover Image Source: sports.yahoo.com.