A Look Back At The Collapse Of Donald Trump’S Nft Collection – CNBCTV18
By CNBCTV18.com Jan 16, 2023 6: 36: 34 PM IST (Published)
On December 17, the project’s floor price on OpenSea, the world’s largest NFT marketplace, experienced more than 10X gains, touching 0.84 ETH or $1,182. This rapid success led many to believe that there was genuine interest in the project and that it could skyrocket further.
On December 16, 2022, Donald Trump surprised everyone with the launch of his NFT collection. News of the launch came at a time when NFTs were struggling and the overall digital asset market was reeling from a never-ending crypto winter. It was also a bit unexpected given Trump’s anti-crypto stance.
However, none of that stopped Trump from dropping his 45,000-strong collection of Digital Trading Cards. Launched on the Polygon network, the NFTs depict defining moments in Trump’s life and offer some lucky owners a chance to meet the former POTUS. Each NFT was priced at $99 and the collection sold out within 12 hours, raising nearly $5 million in the process.
On December 17, the project’s floor price on OpenSea, the world’s largest NFT marketplace, experienced more than 10X gains, touching 0.84 ETH or $1,182. This rapid success led many to believe that there was genuine interest in the project and that it could skyrocket further. However, this was not the case, as the collection has tanked since then and newer releases from the collection have failed to make any real impression on the market.
Just two days after the project’s release and its initial success, the collection crashed by more than 50 percent. In fact, its floor price tumbled to 0.3 ETH by December 18. This dip may be attributed to crypto sleuths uncovering several discrepancies with the project. For instance, several users reported that the NFT creators used stock images and unlicensed visuals to create the collection.
“Someone found one of the NFTs still had a watermark from Shutterstock on one of the Trump NFTs,” tweeted Morgan Sarkissian, founder and host of OnChainTV.io. A few