Trump NFT Collection Topping Secondary Market Charts
The first official NFT collection from former US President Donald Trump has sold out in less than a day, in spite of mockery and criticism. The collection is now topping secondary market charts.
Trump's collection of 45,000 NFTs created on the Ethereum scaling network Polygon had fully sold out yesterday, triggering a surging secondary market as prices spiked. The cheapest Trump NFT on leading marketplace OpenSea now starts at around 0.43 ETH, or $500, but was higher earlier this morning. The NFTs were initially priced at $99 each.
No collection has amassed greater secondary market trading volume in the last 24 hours, according to Cryptoslam, which showed 1,204 ETH—or almost $1.44 million—in trades. The Bored Ape Yacht Club came in second place with 427 ETH worth of NFT sales, or around $511,000.
Trump's NFT debut on Thursday, which came after the disgraced ex-president promised a "major announcement," was widely criticized by the NFT enthusiasts as a money grab and the latest swindle from someone whose businesses have regularly been investigated (and found convicted of fraud). Even Trump's supporters expressed their displeasure with the initiative.
Nevertheless, Trump's NFT collection generated over $4 million in primary income and was completely sold out in less than a day. Additionally, secondary market sales are currently increasing. Thus, supporters may have been drawn in by Trump's notoriety or the promise of future benefits for holders, such as meet-and-greet events and a ticket to a Trump gala.
However, there are also cases when it seems like NFT enthusiasts bought in because they found it amusing or ludicrous, as shown by tweets claiming that they bought a Trump NFT "for the lulz," "for the memes," or "for the culture." Others said that purchasing and selling Trump NFTs was a "degen" play for traders.
“I’ve spent $99 on much dumber shit,” a Twitter user wrote. “Didn’t win a dinner date, [though].”
The highest Trump NFT sale so far, according to statistics from CryptoSlam, was for 37 ETH, or almost $46,700 at the time late Saturday.