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Trump’s Second NFT Collection Sells Out While Prices on First Collection Plunge

Trump’s Second NFT Collection Sells Out While Prices on First Collection Plunge

Trump’s Second NFT Collection Sells Out While Prices on First Collection Plunge

The former president released his second series of Trump Trading Cards on Tuesday, though it appears that the hype surrounding his Web3 debut is cooling off.

The former president released his second series of Trump Trading Cards on Tuesday, though it appears that the hype surrounding his Web3 debut is cooling off.

The former president released his second series of Trump Trading Cards on Tuesday, though it appears that the hype surrounding his Web3 debut is cooling off.

AccessTimeIconApr 19, 2023, 7:10 PM
Updated Apr 19, 2023, 8:01 PM
(OpenSea)

In the early hours of Wednesday morning, former U.S. President Donald Trump’s second series of non-fungible tokens (NFT) sold out after releasing to the public a day prior.

The new collection features 47,000 tokens, which sold for $99 each, this time with limited one-of-one NFTs and autographed cards. Traders who purchased 47 tokens would be eligible for a dinner with Trump at his Mar-a-Lago estate in Florida, while those who purchased 100 would not only win the dinner but also a unique one-of-a-kind collectible with new rarity traits.

The second collection features art that closely resembles that from Trump’s NFT debut in December, which also sold out within a day of release. The first collection was a surprise success and its floor price quickly jumped in the 24 hours following the sale, with prices on secondary marketplace OpenSea reaching 0.19 ether (ETH), or about $230 – more than double the original price. Trading volume also crept up to 900 ETH, or $1.08 million, on the day following the sale.

Recent filings also indicate that Trump made between $500,000 to $1 million from the NFT project via a licensing deal he inked with the collection’s creator.

However, the secondary market has cooled to Trump Trading Cards this time around.

According to OpenSea, the second series’ floor price is about 0.053 ETH, or about $108 – just a few dollars above the token’s original mint price. Its trading volume is 774 ETH, or about $1.5 million (the price of ether in December was about 40% lower than it is today).

While the price of ETH today is hovering around $2,000, the returns on the second collection are already looking lower for holders in terms of speculation and utility. The first collection boasted multiple sweepstakes featuring more opportunities to win real-life experiences such as a Zoom call with Trump himself, a dinner in Miami or a cocktail hour at Mar-a-Lago.

Momentum is slowing

Not long after the second series of Trump Digital Trading Cards dropped, Twitter users poked fun at the “cringy” artwork that was even more outlandish than the first series.

While many of the tokens appear in the same style as the first collection, with artwork of the former president in different outfits and backgrounds, the new tokens feature Trump participating in activities such as playing guitar at a concert, hosting a barbecue, as a “king” chess piece and even wrangling a lion.

“It's Trump's attempt to paint himself as the ‘alpha male’ he always wanted to be,” said independent journalist Ed Krassenstein on Twitter.

One of the rare NFTs depicting Trump as a King of Hearts is listed on OpenSea for 47 ETH, or about $94,000, though the highest bid on the collectible stands at 0.84 ETH, or about $1,600 at the time of writing.

Shortly after the second collection was released, Trump lamented its mint price of $99, claiming that he “could have raised the price much higher” and said he “will be given no ‘nice guy’ credit,” in doing so.

However, “nice guy credit” might not even be enough to increase sales on either collection.

According to data from OpenSea, the floor price of the first Trump Trading cards series has been slowly declining over the past 24 hours. Since Tuesday, the floor price has fallen from 0.2 ETH, or $400, to about 0.14 ETH, or about $280. Meanwhile, interest in the second collection appears to be waning too, with the number of sales dropping from highs seen earlier in the day.

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Cam Thompson was a news reporter at CoinDesk.