Seems some things really are just fleeting
•Trump’s NFTs have seen a 98% drop in sales volume since peaking less than two weeks ago.
• The former president has said that he likes the art and finds it “sort of cute.”
• Trump’s initial NFT sale generated over $4 million within 24 hours.
Donald Trump’s foray into the world of Non-Fungible Tokens (NFTs) was met with significant fanfare and enthusiasm when they first hit the market, with some being sold for as much as $1.7 million. However, it appears that the initial honeymoon period for these NFTs has quickly ended, as the sales volume of Trump’s NFTs has rapidly plummeted by 98% in just a span of fewer than two weeks. This serves as another reminder that novelty items like these NFTs are best taken with a grain of salt, although it remains unclear whether or not Trump will try to jump back onto this particular crypto bandwagon once more sometime soon.
Trump’s Rapid Rise in the NFT Marketplace
Donald Trump first joined the NFT market back in March 2021 when he put up three pieces of digital art for sale via Valuables by Cent. Within just 24 hours, these three artworks generated over $4 million dollars — an impressive feat given his relatively short tenure in this space. The artwork that drew so much attention was titled “Identity,” which featured a picture of Trump himself with various words and phrases associated with him written around it. The piece was sold for over $3 million to Vignesh Sundaresan — better known as “Metakovan” online — who then resold it for an even higher price tag.
The Recent Decline in Trump’s NFT Market Share
However, despite this initial success, Donald Trump’s market share has since declined drastically over the past two weeks. According to data from CryptoSlate, his sales volume has dropped by 98%, meaning that there has been virtually no activity on his page since then. The reasons for this sudden dip are manifold; namely, because of the fact that most of his artwork was sold during that first week and he did not continue to add more pieces to his collection afterward.
The initial response to Trump’s foray into the world of NFTs was an enthusiastic one and the prices charged for his collectibles seemingly supported this; some sold at a marked-up multiple of the original offering rate shortly after their release. However, those unsure of what comes next in terms of demand and value for such rare pieces were quick to realize that with any asset, trends can change overnight. Since December 17th, the secondary market premium has been fading quickly — sinking from upwards of $990 to as low as $131 per NFT today. While these digital collectibles are still up for grabs at much lower costs than before, only time will tell whether or not these bleak prices prevail.
Donald Trump’s Opinion on His NFT Collection and the Digital Art Form as a Whole
It would seem that Donald Trump himself is satisfied with how well his artwork performed during its time on Valuables by Cent; however, he has not commented extensively on its success or failure other than saying “it was great!” when asked about it during an interview last month. As far as digital art itself goes, he believes that technology plays an important role in artistic creation but also advocates for traditional methods of painting and drawing as well. He said “Technology can help us create beautiful things but there will always be something special about hand-drawn images made by human hands” during a recent statement regarding his artwork.
Donald Trump’s foray into the world of NFTs had an undeniable impact on the growing popularity of this type of marketplace technology and digital art form overall; however, it appears that his brief presence may have already come to an end due to factors such as limited supply and waning interest from buyers. Moving forward, we expect to see more famous figures join up with platforms like Valuables by Cent as they continue to explore their options within this arena while also discovering new ways to monetize their work through digital means.
In summary
Donald Trump caused a stir in the cryptocurrency market when he announced his first Non-Fungible Token (NFT) sale. Remarkably, within a matter of just 24 hours, the sale was able to generate over $4 million in revenue. The success of this venture has sparked much debate and excitement from cryptocurrency experts and investors around the world who are now curious to see how this type of monetization strategy will continue to be leveraged. No more than 2 weeks later and the project is all but dead in the water with a marked drop of 98% in sales and volume.
