Donald Trump’s Digital Trading Cards grabbed the attention of the crypto community after their launch in December but fell flat at the start of January. However, as the former US president plans to run for office and return to social media platforms, his NFT collection has seen a surge in both price and activity.
On Sunday, Trump Digital Trading Cards, which were minted on the Polygon network, an Ethereum scaling network, managed to hit a new all-time-high floor price of $1,000. This is according to data obtained from NFT Price Floor. The floor price is the lowest price that an NFT from a particular collection is listed on an NFT marketplace.
The NFTs were originally minted for $99 per piece, and 44,000 of the 45,000 pieces were sold out in mid-December. The prices of the NFTs quickly surged, rising to as high as $990 worth of ETH on OpenSea, the leading NFT marketplace, on December 17. However, the hype did not last for long before the price of the NFTs started to tumble.
However, market-wide data obtained from NFT Price Floor shows that the prices of the NFTs began to climb steadily since mid-January, rising from around $250 worth of ETH on January 13 to the Sunday peak of $1,000. At the time of writing on Tuesday, the floor price of the collection was $1019 worth of ETH after rising by 12.5% over the past 24 hours.
The NFTs are selling too. CryptoSlam sales data shows that Trump Digital Trading Cards have generated sales worth over $2.4 million so far in February, almost matching the total sales generated in January, that is, $2.6 million.
The average price of the NFTs has almost doubled to $905. Trump Digital Trading Cards have generated sales worth $118,372 over the last 24 hours.
The initial drop in the price of the NFTs came after widespread criticism even from Trump’s supporters since he had teased the launch of the collection as a “major announcement.” The hype around the project propelled its initial sales, with the 44,000 NFTs sold for $99 each and then millions of dollars in the secondary market. The project creators earn 10% for each sale in the secondary market.
When the daily trading volume of the collection fell by 99% in January, it seemed that the hype had truly faded. So, what is driving the recent resurgence?
It appears that traders are betting on the NFTs surging more in value as Trump reemerges into the mainstream. His Facebook, Twitter, and Instagram accounts have all been reinstated after being banned for the role he played in the January 6 attack on the U.S. Capitol. He can now use the accounts if he wishes to do so.
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