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Thousands of people in the crypto market are now investing in NFTs to generate profits from varied ranges of digital art, music, and various forms of creativity. Experts have already predicted that NFTs have a bright future ahead. However, with the rising volatility in the crypto market, the NFT market is also focused on embarking on its recovery journey. With this gesture and to tap into the profits that the NFT market has to offer, Donald Trump launched his own NFT collectibles. Trump’s NFT collectibles became a major hit and sold – out hours after its rollout. But it seems like the bright days are over for the Donald Trump NFTs.
Trump’s digital trading cards are experiencing falling metrics as the hype around the former US President’s project is constantly falling. These NFT collections are minted on Ethereum scaling network Polygon, with over US$3.5 million worth of trading volume. The sales price of these NFTs rose even higher over the weekends. However, since the beginning of this week, the NFT’s day-over-day trading has dropped by almost 60%. Trump’s NFT collectibles experienced a massive amount of mockery and criticism.
Trump’s NFT dreams might not have been shattered completely, though. Experts believe that if the crypto market starts to recover, it might eventually help the NFT market as well to excel and gain back its lost value. Besides, the legal adversities stuck with the Bored Ape Yacht Club, multiple NFT scams and thefts, and the recession are also hindering the growth of the NFT market.
Coming to the criticisms surrounding Trump’s NFTs, the collectibles are criticized for reportedly using stolen artwork for some of its cards. Also, around 1,000 NFTs are kept by the project’s creators and appear to contain an inappropriate amount of unique collectibles. Well, in a nutshell, we can only hope that Trump gets his act together if he really wants his NFT collection to excel.
Disclaimer: The information provided in this article is solely the author’s opinion and not investment advice – it is provided for educational purposes only. By using this, you agree that the information does not constitute any investment or financial instructions. Do conduct your own research and reach out to financial advisors before making any investment decisions.
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