• Wed. Feb 28th, 2024

Trump’s NFTs Struggle, As Floor Price Drops 74% In 3 Days: What’s Next For His Web3 Adventure? – Matic Network (MATIC/USD), Ethereum (ETH/USD)

ByMurtuza Merchant

Dec 20, 2022
Trump's NFTs Struggle, As Floor Price Drops 74% In 3 Days: What's Next For His Web3 Adventure? - Matic Network (MATIC/USD), Ethereum (ETH/USD)

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Days after former President Donald Trump’s NFT collection dominated the cryptosphere and captured the attention of social media, the enthusiasm around the project has waned, with its prices and trade volume having decreased after the weekend.

According to data from CryptoSlam, trading volume for Trump’s digital trading cards, created on the Ethereum ETH/USD scaling network Polygon MATIC/USD, peaked on Dec. 17, at over $3.5 million.

On Sunday, the average selling price of the NFTs increased even further to just over $680 a piece, despite a decline in overall volume to a little under $1.95 million for the day.

However, on Monday, day-over-day trading fell by 57% to roughly $836,000 in Ethereum, with the average sale price down to about $466.

Trump NFTs are currently being offered for sale on the top marketplace OpenSea for just 0.21 ETH, or around $255.

Trump released his digital trading cards last Thursday, and in the initial sale, 44,000 of the NFTs were sold for $99 each.

Along with other potential benefits, the chance to win a meet-and-greet with the former president motivated buyers.

Also Read: Country Music Star Lee Brice Partners With Selfie.Live App To Create NFTs For Fans

The project’s founders held back an additional 1,000 NFTs, bringing the total supply to 45,000.

Even though critics, and even some of Trump’s own followers, mocked the project, it sold out in less than 24 hours, generating demand on the secondary market.

Since then, secondary trades for the project have totaled more than $8.7 million.

The floor price, or cheapest posted NFT, reached 0.84 ETH (about $990) on Saturday as momentum reached its pinnacle over the weekend.

Prior to the NFTs being ridiculed on NBC’s late-night comedy program, Saturday Night Live, prices fluctuated in the market.

In just three days, the floor price decreased by 74%.

On CryptoSlam’s list of the top-selling projects over the past 24 hours, Trump’s digital trading card project comes in at position 10.

It had sales of around $472,000 over that time period, while the Bored Ape Yacht Club (BAYC) leads the list with NFT sales of $3.8 million.

Along with coupling two contentious topics – Trump and NFTs – the initiative has come under fire for allegedly using stolen artwork on some of its cards.

Next: Crypto Lender BlockFi Seeks To Return Frozen Assets To Wallet Users: What Customers Need To Know

Photo: Courtesy of Gage Skidmore on flickr.

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Image and article originally from www.benzinga.com. Read the original article here.