Trump's Second NFT Collection Sells Out While Prices on First Collection Plunge
Have you heard about Donald Trump's NFT collection? The former president of the USA has launched two series of digital trading cards featuring himself in various scenarios and outfits. The first series sold out in less than a day, but the second series seems to have lost its appeal. What happened? Let's find out! 😮
What are NFTs?
NFTs are non-fungible tokens, which are unique digital assets that can be bought and sold on blockchain platforms. They can represent anything from art, music, videos, games, sports memorabilia, and more. NFTs have become very popular in recent years, as they offer a way to prove ownership and authenticity of digital creations. Some NFTs have sold for millions of dollars, such as Beeple's artwork “Everydays: The First 5000 Days”, which fetched $69 million at Christie's auction. 🖼️
What is Trump's NFT collection?
Trump's NFT collection is a series of digital trading cards that depict him as an astronaut, race car driver, cowboy, superhero, king, lion tamer, and more. The cards are created by artist Clark Mitchell, who licensed the Trump name from a company called NFT INT LLC. The cards are sold on a website called trumpdigitaltradingcards.com, which claims to be “the official home of President Donald J. Trump's Digital Trading Card Collection”. 🇺🇸
How did the first series perform?
The first series of Trump's NFT collection was released on December 14th, 2021. It consisted of 45,000 cards that sold for $99 each. The cards sold out in less than a day, generating $4.46 million in revenue. The cards also gained value on the secondary market, where they were traded on OpenSea, an NFT marketplace. The floor price for the cards reached 0.19 ETH (about $230) on December 15th, more than double the original price. The trading volume also reached 900 ETH (about $1.08 million) on that day. 🚀
How did the second series perform?
The second series of Trump's NFT collection was released on April 18th, 2023. It consisted of 47,000 cards that also sold for $99 each. The cards sold out within hours, according to Trump's Instagram post. However, the secondary market performance was not as impressive as the first series. The floor price for the cards dropped to 0.053 ETH (about $108) on April 19th, barely above the original price. The trading volume also decreased to 774 ETH (about $1.5 million) on that day. 😕
Why did the second series lose its appeal?
There are several possible reasons why the second series of Trump's NFT collection did not perform as well as the first one. Some of them are:
- The novelty factor wore off: The first series was a surprise success that attracted attention from both supporters and critics of Trump. The second series did not offer anything new or different or exciting than the first one. The artwork was criticized as “cringy” and “unoriginal” by some Twitter users, who mocked Trump's attempt to portray himself as an “alpha male”. 😂
- The market conditions changed: The NFT market has been experiencing a slowdown and a price drop in recent months, due to various factors such as inflation, geopolitical tensions, regulatory scrutiny, and oversaturation. According to NonFungible, the average sale price of an NFT is now below $2,000, down from over $6,800 in January. The total market capitalization of NFTs has also dropped from $23 billion to $10 billion, according to CoinMarketCap. 😱
- The competition increased: The NFT space has become more crowded and competitive, with new projects and collections launching every day. Some of them have attracted more attention and demand than Trump's NFTs, such as Bored Ape Yacht Club, CryptoPunks, MeeBits, and Art Blocks. These collections have more variety, innovation, and community engagement than Trump's NFTs, which may appeal more to collectors and investors. 😎
What does this mean for Trump's NFT collection?
It is hard to predict the future of Trump's NFT collection, as it depends on many factors such as market sentiment, supply and demand, popularity, and quality. However, some possible scenarios are:
- The collection could bounce back: If Trump's NFTs manage to create more buzz and excitement, they could regain their value and popularity. This could happen if Trump announces more incentives or rewards for his NFT holders, such as exclusive access to his events or media platforms. It could also happen if Trump's NFTs become more scarce or desirable due to external factors, such as political developments or cultural trends. 🙌
- The collection could fade away: If Trump's NFTs fail to generate more interest and demand, they could lose their value and relevance. This could happen if Trump stops promoting or supporting his NFT project, or if he faces legal or regulatory challenges that affect his reputation or income. It could also happen if Trump's NFTs become more common or outdated due to new and better NFT projects that emerge in the market. 😢
- The collection could remain stable: If Trump's NFTs maintain a loyal and niche fan base, they could keep their value and appeal. This could happen if Trump continues to engage and reward his NFT holders, or if he creates more series or variations of his NFTs that cater to different tastes and preferences. It could also happen if Trump's NFTs become part of a larger cultural phenomenon or movement that transcends the NFT market. 😊
The Bottom Line
Trump's second NFT collection sold out while prices on first collection plunged. This shows that the NFT market is volatile and unpredictable, and that not all NFTs are created equal. While some NFTs may have lasting value and appeal, others may be subject to hype and speculation that can fade quickly. Therefore, buyers and sellers of NFTs should be careful and informed before making any decisions. Do you own any of Trump's NFTs? What do you think of them? Let us know in the comments below! 👇