Former President Donald Trump launched a collection of NFTs late last week, which drew widespread media attention and ultimately sold out. But after prices and trading volume surged over the weekend, the floor price for the NFTs has decreased by over 70%.
Trump’s digital trading cards, which pictured him as a superhero, a Yellowstone character, the Statue of Liberty, and a lover of gold, were minted on Ethereum scaling network Polygon. Their worth -- over $3.5 million in trading volume -- peaked on Saturday, with individual NFTs selling at an average of $680 apiece.
On Monday, day-over-day trading plummeted 57% to an average sale price of around $466 apiece. As of Wednesday, the cheapest Trump NFT for sale -- which pictures him standing on a fairway at Mar-a-Lago, on marketplace OpenSea -- is at 0.19 ETH, or less than $250.
Trump’s 44,000 digital trading cards originally sold for $99 apiece in the primary sale. Buyers were promised a chance to win a meet-and-greet or dinner with the former president, as well as other potential perks. One thousand additional NFTs were held from the public by the project’s creators, for a total supply of 45,000.
Since the primary sale, the project has racked up over $8.7 million worth of secondary trades, surprising both the media and some of the former President’s confidantes.
The NFTs are currently being criticized for using stolen artwork and holding back potential perks, with a disproportionate amount of the “rare” collectibles contained in the 1,000 NFTs kept by the creators.