Donald Trump NFT Collection Value Plummets After Controversies
The recently launched NFTs of former US President Donald Trump is trading at 80% below peak value. The floor price of the collection has dropped to 0.19 ETH from a peak of 0.84 ETH in less than two weeks.
According to OpenSea data, the NFTs have 15,071 owners holders, which means it has a unique ownership rate of 33% and a total volume of 7808 ETH.
Meanwhile, it is not just the floor price that is down. Daily sales are also down 99% from the peak. This shows that the momentum is fading. CryptoSlam data shows sales in the last 24 hours are down by 39% to $45,570 from 170 transactions. One week’s sales volume has declined by 94% and is currently over $386,170.
Despite its value drop, the NFTs are still trading higher than the purchase value of $99, which is around 0.083 ETH. So, early buyers are still green.
Donald Trump NFTs Launch to Much Criticism
Since its launch, the project has attracted several criticisms. One of the criticisms was on internal minting. On-chain analyst OKHotshot revealed that 1000 NFTs were minted internally before the launch.
While the project FAQ included this, the major issue was that the rarest NFTs were part of those minted by the creators. 26% of the 1/1 NFTs and 28% of the autographed NFTs were minted by the creator.
Additionally, there are controversies about the source of the artworks used for the NFTs. The collection claims they are hand drawn. But a Twitter thread by Matthew Sheffield showed that many of the NFTs come from photoshopped images.
Who Owns the NFT Collection?
Despite the official website stating that Trump is not the owner of the company that issued the NFTs, the company’s marketing suggests that Trump is the owner. The former president also described it as his official collection.
NFT International LLC launched the 45,000 NFT collection on December 15, each NFT going for $99. It soon sold out, with the company making $4.5 million from the sales while also getting a 10% creator fee.
Although the company behind the collection states that it is not owned, “managed, or controlled” by the former president, the use of the Trump image suggests that the former president has some affiliation with the project.
BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.