It’s been less than a month since Donald Trump launched NFT trading cards with a lot of initial hype which was unfortunately, short-lived. The project has now slumped to new lows, as trading demand quickly vanishes.
According to data from CryptoSlam, secondary market trading volume for the Trump cards hit a daily low of just over $21,000 on January 8. The largest single-day tally for the project so far in 2023 is $33,000 on January 5. These figures show a more than 99% decrease in daily volume compared to the peak day on December 17.
The floor price has dropped from a high of 0.84 ETH ($995) on December 17 to just 0.16 ETH ($250) today. This is still more than double from the initial $99 NFT sales price, which could be potentially profitable for users who purchased digital cards during the primary sale.
The initial price surge can be explained by the short-term hype, when users were buying NFT cards just for fun. It’s quite common for an NFT collection to surge in value and trading demand just after its launch, and then see a slump in sales. However, BAYC NFTs show that an NFT project can sustain its hype over a long period of time. We continue to observe.