Good day everybody,
Welcome to CryptoGod-1's blog on all things crypto. Today I will be doing a follow up on the recent release of NFTs by Trump. Since their release last week, they have done the most crypto thing ever in going to the moon, crashing, and being found out to be fraudulent along the way. What else could we expect from a NFT collection, Especially from a former president of the USA .(told you I would try include your comment @Great White Snark.
Also if you would like to check out my recent posts on the Trump NFT's, you can find them here:
Trump NFTs Growth
As outlined in my previous posts, and as shown all across social media over the last week, Donald Trump’s flagship NFT collection sold out within 12 hours of its release according to OpenSea.io data. In total there were 45,000 NFTs (Non-Fungible Tokens) available, which were minted and released on the Polygon blockchain. Each was priced at $99, meaning a cool $4.45 million was made on the initial sales of the Trump NFT sales, which does not include the 10% royalties included on any secondary sales.
Where will money from Trump's NFT sale go?
The NFT collection was created by a company known as NFT INT. On the company website it states how the money raised from the sales will not be used in Trump's 2024 presidential campaign. It also states that NFT INT is not owned by Donald Trump or any of his organisations, instead they just got a license to use Trump's name and image for the NFT collection. Their statement on the website hosting the NFT collection read as follows:
“NFT INT LLC is not owned, managed or controlled by Donald J. Trump, The Trump Organization, CIC Digital LLC or any of their respective principals or affiliates. NFT INT LLC uses Donald J. Trump’s name, likeness and image under paid license from CIC Digital LLC, which license may be terminated or revoked according to its terms.”
All Time High and Straight Back to Earth with a Bang
While things looked perfect for the Trump collection, seeing a massive 2,752 ETH (roughly $3.2 million) in transactions on Saturday the 17th of December 2022, followed by a further 1,541 ETH (roughly $1.8 million) in sales on Sunday the 18th of December 2022, things have steadily slowed since then. The floor price had reached a whopping 0.84 ETH (roughly $1,006) on the 17th, but since then it has drastically fallen back to 0.185 ETH, or $225. This is still more than double the original sale price for anybody who bought directly from the mint, however their will always be those who aped in during the hype and FOMO as the collection was climbing in value.
Trading volumes have dried up since, with the initial desire for fans and the likes to purchase a Trump NFT quickly fading, dropping down to a mere 14.37 ETH ($17,402) on the 21st of December. A lot of this has been sparked by the rumours regarding plagiarism of the artwork from original sources such as clothing brands. Since then a host of people on Twitter have shared images showing the watermarks from the original images, similar to the image shown below from cryptonews.com where the watermark was not correctly photoshopped out. The faith in the project, which lets face it was probably not much, seems to be entirely gone. Those who bought in on the hype are left holding an NFT which is unlikely to increase in value, while those who bought from the original mint still have an asset worth more than they bought it for. Those who managed to sell for nearly 10x are the real winners in this, but of course Trump and NFT INC pocketed a handsome amount from all the secondary market sales on top of the original sales.
Rigged Game
As mentioned in my recent blog post Trump NFTs not so Legitimate, it had been revealed that a mysterious wallet which was receiving a portion of the royalties from the collection was also a holder of 1,000 NFTs. Since then, even more information has come to light, in which Twitter user ‘Un Known’ discovered those NFTs in the administrator wallet were actually some of the ‘rare’ NFTs. Apparently, the creators have 25% of all the ultra rare ‘one of ones’ and 33% of all the equally rare ‘autograph’ NFTs. This just adds more disappointment to the collection, and certainly had a big impact in the price drop seeing as it is basically a rigged game that collectors bought into. So much for the chance of hitting it big with one of the rare ones.
While its not surprising to see, it is also disappointing that it was something as basic as "plagiarism" in the artwork which caused this collection to start crashing. It was never going to be a serious collection in terms of art, but that does not matter in the NFT space. At least those still holding the NFTs are still in with a chance of winning in the sweepstakes. What more could anybody want for Christmas than to win signed memorabilia, a one-on-one Zoom call with Trump (where I know I would have a few choice things to say to him), or attending a South Florida “gala dinner” with Trump and all the others who bought more than 45 NFTs from the collection, which FYI would have cost a cool 4455 dollars from the original mint. An expensive dinner ticket but it does not seem to stop the Trump fanatics.
Have a wonderful day.
Peace. CryptoGod-1.
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