Donald Trump’s NFT trading card attracted substantial attention when it launched in December, then fell off as January rolled around. But as the disgraced former President of the United States plans another run for office and a possible return to the social media platform, the price of his collectibles and trading activity are on the rise once again.
Trump’s digital trading card NFTs created on the Ethereum scalping network, Polygon, hit a new all-time high price of $1,000 on Sunday, according to data from NFT Price Floor. “Floor” is the minimum price for which the NFTs of a particular project are listed in the market.
The NFT was originally priced at $99, as Trump’s business partners sold 44,000 of the 45,000 collectibles in mid-December. Prices rose rapidly, reaching an ETH price of $990 at the leading market open on December 17, but the short-term hype gave way and prices fell in the days and weeks that followed.
Can anyone tell me how the FK Trump NFT is still in the top 10 and hyped again? hahaha what the hell pic.twitter.com/QgjbebXIX1
— Craigscoinpurse (@craigscoinpurse) 13 February 2023
But as market-wide data from NFT Price Floor shows, prices have been rising steadily since mid-January, rising from around $250 ETH on Jan. 13 to a new peak of $1,000 on Sunday. At the time of this writing, the level has declined slightly to $983.
They are actually selling too. According to sales data from CryptoSlam, more than $2.4 million worth of Trump NFTs have traded so far in February, almost equal to the entire January total of more than $2.6 million worth of trades. The average selling price has almost doubled to $905 per trade, and they have made a profit of almost $313,000 in trades in the last 24 hours alone.
Trump NFT craze gets short shrift as sales almost disappear
The initial decline of the NFT was widely criticized, with even some of Trump’s own supporters teasing it as a “big announcement”. But the buzz about the project fueled initial sales, with 44,000 NFTs being sold at $99 a pop and then millions of dollars in secondary market sales. Project makers take a 10% cut of secondary sales.
But when daily trading volume fell 99% from its peak a few weeks earlier in January, it appeared that the hype had indeed faded. What, then, is the reason for the recent resurgence?
Overall, it appears that traders betting on NFTs are getting even more value out of Trump’s re-emergence into the mainstream. All of his accounts on Twitter, Facebook and Instagram have recently been restored after they were banned following their role in the January 6 attacks on the US Capitol. He hasn’t used the accounts yet, but can if he wants to.
“My sense is that people are anticipating a possible rally if he does speak about NFTs, should he return to Twitter or otherwise,” the pseudonymous Proof of Research director punk9059 told Decrypt.
Meta announced Trump’s plan to restore access to his accounts in late January as NFT prices were rising, and confirmed last week that the accounts had been unlocked. Twitter banned Trump in November after new platform owner Elon Musk posted a public poll asking users to vote on the decision.
NFT sales jump 38% in January as Bored Monkeys trade boom
A look at recent selling activity on OpenSea shows that seasoned NFT traders are buying Trump’s tokenized cards in multiples, and optimists are stocking up ahead of continued growth. Many of the traders who recently bought a number of Trump NFTs have collected and flipped a variety of NFTs in the past — they’re not just Trump fans dipping a toe into this area.
pseudonym crypto youtube personality DonAlt tweeted earlier this month that he had bought a bunch of Trump NFTs as a bet on their future value, calling them “strangely iconic” despite describing them as “disgusting portraits.”
He added that Trump is likely to make more TV appearances as his campaign for the 2024 presidency intensifies. Tweet that Trump is “an excellent meme” and “an excellent grifter”.
mcap at the current price point for these (at the floor)
Trump: 28k ETH
Shib: 4500k ETH / 160x larger
BAYC: 750k / 27x larger
1) A great meme
2) an excellent grifter
3) 2024 will see a lot on TV
What is the value of his NFT due to this?
— DonAlt (@CryptoDonAlt) 12 February 2023
In a recent YouTube video, DonAlt cited the prevalence of conservative and liberal belief in the crypto space, which he thinks will help NFTs retain value despite the initial backlash. More broadly, he sees NFTs as a long bet that the storm of controversy that typically follows Trump will continue — and perhaps grow even bigger.
“It’s a game of 50 IQ,” DonElt said, suggesting that it’s not that complicated of an investment strategy. “It’s Trump…he’s going to be loud 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.
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