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The value of digital trading cards of former US President Donald Trump has fallen to a record low.

According to tracking data from non-fungible token (NFT) marketplace OpenSea, the floor price of digital trading cards briefly fell to 0.00057 ethereum (ETH), the benchmark cryptocurrency, just before 3 a.m. ET on Saturday. That would be around $1.04 at 4:15AM ET Tuesday.

Trump NFT was trading around 0.12 ETH ($218.37), before falling near zero. Later on Saturday, they returned to 0.12 ETH, and as of 4:45 AM ET on Tuesday their price is hovering around the 0.1147 ETH mark ($208.64).

When the former president first announced the release of the first batch of digital collectibles, the 2024 presidential candidate was mocked for promoting the cards as a “major announcement.”

Former US President Donald Trump plays golf at Trump Turnberry Golf Course on May 2, 2023 on the west coast of Scotland. Trump’s digital trading cards fell to a record low in value on Saturday. Andy Buchanan/AFP via Getty Images

He has since been ridiculed for the art used on the cards, which show his likeness in various scenes and poses. These include posing as a king on a playing card, serving burgers and hotdogs at a barbecue, and playing an electric guitar while riding a motorbike.

The NFT has been facing a gradual downtrend in value with a 90-day high of 0.694 ETH ($1,262.91) on February 16. Digital trading cards saw a drop in March, days before the widely anticipated indictment of Trump by a grand jury in Manhattan, after which the price returned to normal.

Trump released a second series of NFTs on April 18, writing on his Truth social media platform that the decision to do so was “due to the great success” of the first round, which came out in December 2022.

This saw prices fall as the market was flooded with newly minted goods, returning to normal again at around 0.13 ETH ($236.57) by April 19. Trump’s trading card website says the latest series was sold out after a new batch was offered for $99 a piece.

It is not clear why the latest sudden drop happened. However, data from the past 7 days shows that more offers are being made for NFTs at lower prices than listings at higher prices.

The Trump Digital Trading Card website stresses that they are “intended solely as collectible items for personal enjoyment, not investment vehicles.”

NFTs represent a specific unique bit of code, meaning that the holder knows that it cannot be duplicated and is therefore stolen. To create some tangibility, NFTs are represented with unique artworks intended to encourage buyers who want to own that unique artwork.

Despite being mocked for the venture, Trump spoke on the conservative One America News Network in December to defend the decision. He said that digital trading card collecting was about “art” and not money.

“You know, it’s like comic book art when you think about it, but they showed me the art and I said: ‘Gee, I’ve always wanted a 30-inch waist,’” the former president said at the time. .

“I’m looking at this stuff and I’m saying ‘Wow, this is so cute, that might sell, that might sell.’ They thought it would sell out in six months, it sold out in six hours.”

newsweek TechCrunch contacted Trump’s campaign via email for comment on Tuesday.

Source: www.newsweek.com