Trump NFTs Thriving Amidst Market Decline
Despite a significant dip in the global NFT market, former US President Donald Trump’s NFT collection is defying the trend and gaining popularity.
Trump Digital Trading Card Series 2 Boosts Sales
In January, sales for the Trump Digital Trading Card Series 2 collection on the Polygon network saw a notable 70% surge. The collection’s floor price increased by 25%, driven by anticipation surrounding the upcoming US election season and Trump’s campaign efforts.
Strategic Moves: Trump’s Bitcoin Ordinals
To capitalize on his popularity, Donald Trump launched his NFT collection as Bitcoin Ordinals. He also offered a bonus Bitcoin Ordinal for buyers who purchased at least 100 Trump Mugshot NFTs. This smart strategy successfully boosted Trump NFT sales, even as Bitcoin Ordinals collections faced a 35% decline in sales for January 2024.
Declining Trading Volumes in the Global NFT Market
The broader NFT market is experiencing a decline in trading volumes, with a significant 22.5% drop reported by on-chain data aggregator CryptoSlam. Total sales barely reached $223 million for the last week. However, the number of active participants in the NFT market has increased, indicating a growing interest in NFTs.
ETH And SOL Based NFTs Struggling
Even popular Ethereum-based NFT collections like CryptoPunks and BAYC have seen an 8% decrease in floor price over the past two weeks. NFT collections on networks like Solana and Avalanche have also faced wash trading activities, artificially inflating market activity.
Shift in Dynamics: NFT Market Diversification
While the NFT market showed improvement in late 2023, the current scenario suggests a return to a bearish trend. However, there is growing interest in less popular networks like Polygon and Avalanche, indicating a potential shift in user preferences and a broader transformation within the NFT business landscape.
Hot Take: Trump NFTs Buck the Trend, Showing Strong Demand
Despite a decline in the global NFT market, former US President Donald Trump’s NFT collection is thriving, with increased sales and floor prices. This success can be attributed to strategic moves, such as launching the collection as Bitcoin Ordinals and offering bonus incentives. While the broader NFT market faces trading volume declines and struggles on Ethereum and Solana networks, there is a growing interest in alternative networks like Polygon and Avalanche. This suggests a shift in dynamics and user preferences within the NFT market.
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