Donald Trump’s NFT Collection has condensed much of the wild volatility of the NFT space in its first five weeks of existence: it met with widespread ridicule but eventually sold out, then prices and sales saw increase beforehand crash quickly. Now, suddenly, sales are skyrocketing again.
Total daily sales volume for the official Trump Digital Trading Cards collection surged nearly 800% Tuesday through Wednesday, jumping from about $34,000 on Tuesday to over $306,000 yesterday.
This is based on data from the analytics platform CryptoSlam, which is showing continued momentum with sales today of around $241,000. At one point this morning, the site showed a 1,900% increase in 24-hour trading volume compared to the previous reporting period.
The number of traded NFTs increased day by day, but so did the average selling price. On Tuesday, CryptoSlam recorded a total of 115 transactions at an average sell price of ETH worth $296 per NFT. However, yesterday the numbers surged to 704 NFTs trading at an average of $435 apiece. To date, the average retail price is around $670.
According to data from NFT minimum price, which tracks the price of the cheapest listed NFT for projects across major marketplaces, ETH’s starting price has nearly doubled from $235 at the start of Wednesday to $454 as of this writing. It briefly surpassed the $500 mark this morning.
While there’s no specific reason for the sudden spike in activity, some on Crypto Twitter believe the surge in demand is related to a report that the disgraced former President of the United States is planning a return to mainstream social media networks . He was banned from Facebook and Twitter for instigating the January 6 attacks on the US Capitol building.
NBC News reported Wednesday that Trump’s team has asked Facebook to restore its accounts based on documents it has reviewed. His Twitter account was recently unblocked by Elon Musk after the CEO of Tesla and SpaceX (and Hobbyist Dogecoin) bought the social media platform late last year.
Trump started his collection of NFT trading cards on December 15th with the 45,000 digital collectibles – minted on polygona ether Sidechain – features the former politician as a superhero, cowboy, astronaut, and other fantastical roles. The $99 collectibles each had a chance to win a special benefit, like a dinner or meet-and-greet with Trump.
An NFT is a blockchain sign representing ownership of a unique item, including digital goods such as collectibles, works of art, and profile pictures (PFPs). The NFT market produces worth approximately $25 billion of organic trade volume in 2021 and then again in 2022, although both sales and prices have fallen sharply in recent months.
Despite broad criticism Seen as a money grab by Trump’s project, even by some of his own backers, the 44,000 NFTs put up for public sale (another 1,000 were held) sold out in 24 hours. The secondary market prices increased with the starting price in the following days nearly $1,000 on December 17th when Saturday Night Live skewered the project.
Daily trading volume peaked at over $3.5 million that day, but fell sharply soon after. The project hit a daily low of just over $21,000 in NFT trades on Jan 8th, which is what this represents a drop of 99% compared to the peak day. Prices also fell, but owners of the cheapest listed collectibles were still asking for at least double the original coin price.
It’s common for NFT projects to quickly peak amid the FOMO (fear of missing out) hype among collectors and investors, particularly pinball players looking for lively projects with quick returns. Most projects don’t sustain this kind of momentum over a long period of time.
But as with meme coins like Dogecoins and Shiba Inutrade demand for NFT projects can be easily influenced by social media sentiment.
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