that of Donald Trump NFT trading cards attracted a lot of attention when it launched in December, then fell flat once January rolled around. But as the disgraced former President of the United States plans another candidacy and a potential comeback on social media platforms, his collectibles are once again surging in price and business activity.
Trump’s Digital Trading Card NFTs Hit PolygonA Ethereum scaling network, hit a new record low price of $1,000 on Sunday, per data from NFT floor price. The “floor” is the lowest price at which an NFT of a particular project is listed on a market.
The NFTs were originally worth $99 each as Trump’s business partners sold 44,000 of 45,000 collectibles by mid-December. Prices quickly surged, landing up to $990 worth of ETH in the leading market OpenSea on December 17, but the short-lived hype gave way and prices plummeted in the days and weeks that followed.
But as market-wide data from NFT Price Floor shows, prices have been rising steadily since mid-January, rising from around $250 of ETH on January 13 to a new high of $1,000 on Sunday. At the time of this writing, the floor is down only slightly, down to $983.
In fact, they also sell. According to sales data from CryptoSlam, more than $2.4 million in Trump NFT trades have taken place so far in February, nearly matching January’s total total of just over $2.6 million in trades. The average sale price nearly doubled to $905 per trade, and they brought in around $313,000 in trades in the last 24 hours alone.
The initial drop in NFTs was marked by many reviews, even from some of Trump’s own supporters, after teasing it as a “major announcement.” But the buzz surrounding the project propelled initial sales, with the 44,000 NFTs selling for $99 a piece and then millions of dollars secondary market sales. The creators of the project take a 10% discount on secondary sales.
But when the daily trading volume in January dropped 99% from peak a few weeks earlier, it appeared that the hype had well and truly died down. What is behind the recent resurgence?
Overall, it looks like traders betting on NFTs are gaining even more value as Trump reemerges into the mainstream. His accounts on Twitter, Facebook and Instagram were all recently restored after being banned following his role in the January 6 attacks on the US Capitol. He hasn’t used the accounts yet, but can if he wants.
“My feeling is that people are anticipating a possible rally if he talks about NFTs, goes back on Twitter or otherwise”, pseudonym Evidence Director of Research punk9059 said Decrypt.
fair meta announced plans end of January to restore Trump’s access to his accounts, as NFT prices rose, and confirmed last week accounts have been unlocked. Twitter unbanned Trump in November after the platform’s new owner, Elon Musk, released a public poll asking users to vote on the decision.
A look at recent selling activity on OpenSea suggests experienced NFT traders are buying Trump’s tokenized cards in multiples, stocking up ahead of a hopeful continued rise. Many merchants who have recently purchased multiple Trump NFTs have collected and returned a wide variety of NFTs in the past – these aren’t just Trump fans dipping a toe in the space.
Pseudonymous crypto YouTube personality DonAlt tweeted earlier this month that he bought a bunch of Trump NFTs as a bet on their future value, calling them “oddly iconic” despite describing them as “ugly pictures”.
He added that Trump would likely be on TV more as his 2024 presidential campaign heats up, Tweeter that Trump is “a great meme” and “a great hustler.”
Mcap for these at current price (at floor)
Asset: 28,000 ETH
Shib: 4500k ETH / 160x bigger
BAYC: 750k / 27x bigger
1) A great meme
2) An excellent scammer
3) I will be on TV a lot in 2024
How much is that worth his NFT?
— DonAlt (@CryptoDonAlt) February 12, 2023
In a recent Youtube video, DonAlt cited what he sees as a prevalence of conservative and libertarian belief in the crypto space, which he believes will help NFTs maintain their value despite the initial backlash. Generally speaking, he sees NFTs as a long bet that the hurricane of controversy that usually follows Trump will continue.—and maybe grow even bigger.
“It’s a 50 IQ game,” DonAlt added, suggesting that it’s not that complex of an investment strategy. “It’s Trump… he’s going to make noise again in 2024.”
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment or other advice.