A look back at the collapse of Donald Trump’s NFT collection: Trump’s NFT collection was launched on December 16, 2022. A crypto winter was in full swing when news of the launch broke, and NFTs struggled. Given Trump’s stance against crypto, it was also unexpected.
Trump dropped his 45,000-strong collection of Digital Trading Cards despite all of that. This set of NFTs was launched on Polygon’s network and offered lucky owners the opportunity to meet a former president. Nearly $5 million was raised from the sale of each NFT, which sold out within 12 hours.
The project’s floor price reached 0.84 ETH or $1,182 on December 17 on OpenSea, the world’s largest NFT marketplace. Many believed that the project would skyrocket further due to its rapid success. In reality, this was not the case since sales of the collection have tanked since then. In addition, newer releases have yet to impact the market positively.
A 10x increase in the floor price of the project on OpenSea, the world’s largest NFT market, occurred on December 17. Since the project was so successful so quickly, many people thought it would still skyrocket. Nevertheless, the collection has fallen apart, and the new releases have yet to impact the market.
It took just two days for the collection to crash by over 50% after it was released and initially successful. During the week of December 18, its floor price dropped to 0.3 ETH. The project dropped due to several discrepancies discovered by crypto sleuths. The creators of NFT, for example, used unlicensed visuals and stock images to create the collection, according to several users.
Morgan Sarkissian, the founder of OnChainTV.io and host of OnChainTV, discovered that one of the Trump NFTs still had a Shutterstock watermark. Within minutes, she tweeted another image from the Donald Trump collection, which Adobe watermarked. Contrary to the collection’s website, which purports that all artwork is hand-drawn, all of this artwork is digitally rendered.
In the days before, an analyst discovered that a wallet linked to the project had created 1,000 NFTs for the administrator. As it turned out, the wallet in question was a Gnosis Safe Wallet, a multi-signature smart contract wallet that requires approval from multiple users associated with the tokens.
There is a restriction on purchasing more than 100 NFTs from the collection on the project’s website, which raised alarm bells.
While this cap was in place, a wallet related to a project minted some of NFT’s rarest collections, including nearly a third of all autographed coins.
There are a thousand NFTs Donald Trump punched into his vault wallet. OKHotshot, an on-chain analyst, tweeted that “he is keeping a large chunk of the rarest NFTs for himself.”. “Thirty-seven 1/1s and 21 autographed NFTs were found in the wallet,” he said.
Donald Trump’s NFT collection value has tanked due to these updates. Twenty-four-hour collection revenue had dropped below $60,000 by December 30, 2022. Compared to the $3.5 million in initial revenue over 24 hours. Over the past 24 hours, sales have dropped by nearly 40% to $43,071, down nearly 40% from the previous day. Project transactions fell by 37%, 17%, and 30%, respectively, as did the number of buyers and sellers.
In addition, NFTs provide users with little in the way of benefits. NFTs had the opportunity to participate in a twenty-minute Zoom call with Donald Trump. Customers who purchased these NFTs were given exclusive access to Trump’s Zoom call. Some users are selling their access cards for less than $25, as they are eager to get rid of them.
Conclusion
Known for his attention-grabbing style, Donald Trump is a former US president living in the limelight. However, while his gamble on NFTs initially looked promising, it has since gone completely off the rails. In light of this, the chances of the collection making a comeback seem slim.
