Trump’s NFT collections experience price decline amid crypto market turbulence
The floor price of former President Donald Trump’s second NFT collection drops below its initial purchase price, while Series 1 sees a surge in sales despite a decreasing floor price.
Donald Trump’s Series 2 NFTs struggles
Donald Trump’s second NFT collection has seen a more than 10% decline in floor price, currently sitting at around $88, below its original purchase price of $99. OpenSea analytical data reveals that the floor price quickly dropped on April 19, reaching 0.0468 Ethereum (ETH), or approximately $87.84. Since then, the volume of sales has also decreased significantly, falling from 482 ETH on April 18 to a mere 25.49 ETH on April 22.
In contrast to the downturn in Series 2, Trump’s first NFT collection has experienced a substantial increase in sales. Despite a 64% decline in floor price, which now stands at 0.14 ETH, the number of sales has risen by nearly 500%, reaching 1,779.
The trading volume for the first collection has also surged, showing an increase of over 150%. The majority of sales and trading volume occurred on April 18, coinciding with the announcement of the Series 2 collection.
Factors impacting Trump NFT collections
The fluctuating prices and sales of Trump’s NFT collections can be partially attributed to the announcement of the Series 2 collection. Upon its unveiling, the Series 1 collection experienced a 58% drop in floor price.
For the release of the second collection, Trump’s team has provided fewer additional incentives compared to the Series 1 launch. However, buyers who purchase 47 of the NFT trading cards will reportedly receive a ticket to a gala dinner with Trump at his Mar-a-Lago golf club in Florida. In contrast, Series 1 buyers were offered potential rewards such as Zoom calls with Trump or in-person meet-and-greets.
The Series 2 set expands on the themes of the original collection, which depicted Trump as a superhero, astronaut, cowboy, and other larger-than-life characters. The new NFT artwork portrays Trump holding a championship pro wrestling belt, dressed as a hunter, and wearing firefighting gear.
Liquidation across the crypto market
The overall crypto market has also been affected by substantial liquidations, with Bitcoin’s price plummeting to $27,300, resulting in almost $200 million in liquidations over 24 hours.
Data from Coinglass indicates that the cryptocurrency market faced $191.98 million in liquidations within a day. Bitcoin and Ethereum alone saw $63.03 million and $54.20 million liquidated, respectively. Other digital assets, such as Dogecoin, Arbitrum, Chainlink, XRP, Litecoin, and Solana, experienced less than $5.5 million in liquidations.
As the crypto market rollercoaster ride continues, it appears that Trump’s NFT collections are experiencing both the highs and lows of this digital asset theme park.
