The NFT pool of former US President Donald Trump has turned to dust and has already accumulated a 78% reduction. According to OpenSea data, the minimum price has fallen from 0.84 ETH to 0.186 ETH.
Just 15 days after its launch, former US President Donald Trump’s “Trump Digital Trade Cards” NFT pool has melted by 78% since its debut. The series of collectible cards featuring portraits of the billionaire was released on the Polygon Network on December 15 and sold out within 24 hours.
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OpenSea market data shows a 78% drop in the minimum selling price. It fell from 0.84 ETH to 0.184 ETH on Friday (30). Several tickets sold out after the first mint round, bringing the price to 0.82 ETH, equivalent to $999.
However, in the last week of 2022, trading volume fell by 95%, or 380 ETH, and sales fell by 93%. However, each NFT in the pool values when compared to its initial selling price.
Devaluation follows the macro trend
Each card in the deck depicts Trump as a whimsical, heroic figure, like a sheriff, explorer, superhero, or NASCAR driver, for example. A total of 45,000 NFTs were minted, priced at $99 each at launch.
All cards quickly sold out after Donald Trump promoted the group on his social media.
Shortly after its release, the lower price tag began to drop as criticism of the group increased. Issues such as internal coinage, licensing errors, and design copying were raised. The company behind the group raised US$4.45 million at its inception.
The current size of the project is 7,765 ETH. This reduction resulted in a 10% reduction in each transaction for the company, which represented a decrease in revenue of more than $1 million.
Where Trump is, there is controversy
A week ago, more information regarding the company behind the group surfaced. reporter from The New York Times Spread document to register NFT International LLC, signifying that it was founded in 2021 by former Trump advisor Nick Luna and current attorney to former President John Marion.
The document also states that the address of the company’s headquarters is registered at the Trump International Golf Club, located in Florida, the apartment complex where the former president lives.
It should be noted that Trump has not always been open to the cryptocurrency sector, the former president referred to Bitcoin (BTC) as a “coup”, stating that he did not like it “because it is another currency that competes with the dollar.”
However, controversies persisted over the NFT array. Analysts and members of the crypto community took to the nets to denounce that this part of the NFT International LLC team was going to make some of the rarest NFTs in the group. A wallet address linked to Trump himself reveals he owns 68 of the rarest NFTs.
NFT International LLC expressed itself in a note posted on the group’s official website denying that former President Donald Trump had any relationship or interference with the company.
The company claims that it has “purchased the rights to use Donald Trump’s image for the NFT collection” and added that the digital trading cards are “not political and have nothing to do with any political campaign.”
“NFT International LLC uses the name, likeness, and likeness of Donald J. Trump under a paid license from CIC Digital LLC.”
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