The trading volume of Donald Trump’s Digital Trading Cards, which feature images of the former president dressed as a superhero and as an astronaut, has fallen off a cliff, according to data from CryptoSlam.
The primary launch in mid-December saw 44,000 of the $99 NFTs sell out in 24 hours, with the project raising almost $4.5 million.
But on Tuesday, the project, which is on the Polygon blockchain, recorded just short of $22,500 in sales, a decrease of 99.4% since its launch date. Only 49 unique buyers had interacted with the project over the past 24 hours, compared with about 2,200 in mid-December, according to CryptoSlam. Just days after the collection launched, one NFT featuring Trump’s autograph next to a picture of him in a suit was sold for 37 Ether (about $49,000).
Still, at 0.179 ETH (about $237), the collection’s price floor—the lowest price of one NFT in a given collection—on NFT marketplace OpenSea was more than double its initial price tag.
The NFTs were widely ridiculed on late-night talk shows, social media, and by Republicans following Trump’s “major announcement” last month. Even one-time Trump chief strategist Steve Bannon criticized the project saying that the team behind it should be fired.
Others called out the poor quality of the artwork, saying that it paled in comparison to many other NFT projects.
Trump's "major announcement" turns out to be a series of $99 NFTs that are ugly even by the usual NFT standards. pic.twitter.com/f6r80q2PgB
The clothing featured in Trump’s trading cards also seemed to be lifted off the website of a sportswear store, as well as from Amazon, Gizmodo reported.
Some on social media have called out the project as a scam because of the huge drop in trading activity just a month after the cards were released. But in the NFT space, it’s also common for projects to fizzle quickly after peaking.
It was a money laundering scheme. Trump’s NFT digital trading cards have plunged in value by 98% since Trump first sold them three weeks ago. pic.twitter.com/Qk2MPeEH4r
Remember the Trump Trading cards, how the loons talked about their explosion in value? Haven't heard about them in awhile, have you? Here's why?
Grifter grifted and conned the suckers yet again. pic.twitter.com/EaO7bvdcje
I can’t stand greedy people. The Trump NFT was the worse display of how greedy people can be. The creators minted 1k out of 45k NFTs & minted 26% of the 1/1 NFTs & 28% of the autographed NFTs. So they ‘minted’ 1/45th of the collection but revealed nearly 30% of autos & 1/1s.
While the former president said in 2019 that he was “not a fan” of cryptocurrencies, he touted the NFTs in a video on his own social media service, Truth Social, as the “perfect gifts.”
Learn how to navigate and strengthen trust in your business with The Trust Factor, a weekly newsletter examining what leaders need to succeed. Sign up here.
© 2022 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information | Ad Choices
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.
S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Terms & Conditions. Powered and implemented by Interactive Data Managed Solutions.
