Published on: 13/01/2023
Donald Trump’s prize NFTs sold on secondary market at lower prices
Owners of Donald Trump’s prize NFTs are selling their collectibles on secondary NFT marketplaces like OpenSea at lower prices.
On December 15, 2022, the former U.S. president launched a collection of NFT trading cards called “Win Trump Prizes,” comprising his pictures in various costumes. The collection was sold out on the first day of its launch. During that sales period, the owners also got a chance to win special prizes.
Winners of these prizes could receive special perks related to the former president. For example, they might golf with Trump, do a group Zoom call with him or attend a gala dinner invitation to Trump’s residence in Florida. Like the trading cards, users also minted these special prizes on the Polygon blockchain.
These NFT cards were airdropped to the buyers starting last month. OpenSea’s public blockchain data show that the rollout for those cards is still happening.
Although the prices for these trading cards skyrocketed right after launch, the prices dropped once sold on the secondary marketplaces. OpenSea data showed that the NFTs tied with the group Zoom call with Trump were sold for under $25 worth of ETH per piece.
Based on the NFT description, every Zoom call will involve 2,000 participants and last for 20 minutes. Winners can submit questions before the meeting, but there is no guarantee that those questions will be relayed to Trump.
However, holders of major perk pass still list high asking prices for the NFTs. A one-on-one Zoom meeting pass holder lists their NFT for 200 ETH ($277,000) on OpenSea. Meanwhile, a gala dinner pass is listed for 50 ETH (over $69,000). There is still a possibility that these sellers will not get their asking prices due to low demand.
As of now, the largest recorded sale for a pass in the collection was 5 ETH (over $6,900) on December 21. It was a redemption token to obtain a digitally signed Trump NFT trading card. The second largest sale was a meet-and-greet pass, sold for 2 ETH (almost $2,800) on January 3.
On January 12, 2023, OpenSea recorded 38 ETH (around $53,000) for the Win Trump Prizes collection. At the time of writing, the collection’s floor value is around 0.0219 ETH.
On Thursday, Trump’s prize NFT sales ranked 48th, surpassing the Rarepass NFT collection. It also performed better than Solana Monkey Business, Zed Run and Cool Cats. The total sales for Trump’s prize collection accounted for 0.18 percent of overall NFT sales that day.
Meanwhile, during the same tracking period, Trump’s original digital trading cards raked in $20,701. The figure was 44.90 percent lower compared to the previous day. Its peak sales volume occurred on December 17 at $3.5 million.
Trump gained criticism from many parties, including his own supporters, following the announcement of his new NFT collection. Many of them mocked the 45th U.S. president for the venture, including late night comedy show Saturday Night Live, which ridiculed the collection following its massive selloffs just a few days after its launch.
Public figure, NFTs
Trump is not the first public figure to release an NFT collection. Celebrities like Snoop Dogg, Paris Hilton and Shawn Mendez have also launched collections related to their respective crafts.
The bear market in the crypto sphere throughout 2022 negatively affected the NFT sector. Compared to 2021, the prices for items in various NFT collections, including the ones launched by public figures, plunged drastically in 2022.
Despite the grim situation last year, analysts predicted that a bullish trend would start in the entire crypto industry in 2023, meaning that the NFT market will thrive again. Blockchain enthusiasts will likely see more public figure collections released this year.