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Tuesday, May 21, 2024

Donald Trump’s First Edition NFT Collection Sees 99% Trading Volume Drop

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Donald Trump's First Edition NFT Collection Sees 99% Trading Volume Drop

  • According to statistics from OpenSea, there have been zero transactions in the last seven days.
  • The second edition of Trump’s digital trading has done better than the first.

Even though Donald Trump seems to have warmed up to cryptocurrencies and bitcoin after releasing his initial set of digital trading card NFTs in late 2022, demand for the NFTs has undoubtedly waned.

Trading volumes for NFTs have been rather steady in recent months, according to The Block Data Dashboard, while they are still low compared to the 2021 bull run.

Disastrous Performance

According to statistics from OpenSea, there has been zero transactions in the last seven days, and the trading volume for the first batch of 45,000 NFTs depicting the 45th president in an elevated, cartoonish light has dropped by 99% over the previous 30 days.

According to statistics from CryptoSlam, sales volumes for NFTs on Ethereum reached $489 million in March. Ethereum has traditionally been the most popular network for non-fungible tokens in terms of trading activity in US dollars.

As the real estate magnate, who is re-running for president this year, prepares to start his criminal trial for allegedly manipulating company records to hide hush money payments, demand in Trump NFTs is waning.

Despite a 57% drop in trade volumes over the last 30 days, the second edition of Trump’s digital trading has done better than the first, according to statistics from OpenSea. An opportunity to dine with Trump at Mar-a-Lago was up for grabs in a new collection that dropped not long ago and is scheduled for May 8 this year.

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