Donald Trump’s Trading Cards Are Losing Value

[ad_1]

Donald Trump’s new digital trading cards fell in value on Monday after a weekend surge, although they still show a significant profit compared to their original price.

The former president was mocked on social media last week after his hyped “major announcement” turned out to be a collection of digital trading cards depicting himself as various characters such as a superhero, cowboy, and a astronaut.

“Here is my official Donald Trump Digital Trading Card collection,” he wrote on his social media platform, Truth Social, on Thursday. “These limited edition cards feature the amazing ART of my Life and Career! Collect all your favorite Trump Digital Trading Cards, just like baseball cards, but hopefully more exciting.”

Trump said the cards, which cost $99 each, “would make a great Christmas gift.” Despite the mockery, all 45,000 tokens in the Trump collection were sold within 12 hours.

Former US President Donald Trump speaks at an event at his Mar-a-Lago home on November 15, 2022 in Palm Beach, Florida. Trump faced criticism for his NFT announcement. Getty

Cards are essentially non-fungible tokens (NFTs) that are collected digitally on computers or phones.

The value of digital trading cards rose over the weekend on sites such as non-fungible token marketplace OpenSea, but has fallen over the past 24 hours.

As of Dec. 18, the average price at which trading cards were purchased was 0.5398 of the cryptocurrency ether, equivalent to about $638 each, according to OpenSea data. This is based on 2,855 sales.

In comparison, as of December 19, the average price fetched by trading cards has dropped back to 0.3671 ether, or $434. This is after 1,305 sales. They are still great at the original sale price however.

The trading volume of digital trading cards reached 2,752 ether ($3.3 million) on OpenSea on December 17, dropping to 1,541 ether ($1.8 million) on December 18 and 479 ether ($570,000) so far on December 19.

According to Open Sea, there have been 23,095 sales of Trump trading cards. Of those who did buy, 65 percent of people bought only one item, 24 percent bought 2-3 times, 9 percent of people bought 4-10 items, the remaining percent bought 11 items or more .

The brisk sale of the digital trading cards led Trump to take to social media on Friday to brag about the success. “WE MADE HISTORY!” he wrote in a Truth Social post. “My Trump Digital Trading Cards sold out within hours. Congratulations collectors. Thank you.”

Trump faced criticism following his NFT announcement from both liberals and conservatives.

Democratic California Representative Ted Lieu tweeted: “Dear MAGA folks. I hope it’s clear to you by now that Donald Trump has no respect for you and thinks you’re suckers.”

During his show, conservative commentator Ben Shapiro said that this move from Trump could ruin his presidential chances.

“When the former president of the United States, and a newly declared [candidate] for his third consecutive election, saying he has a big announcement, people are taking it seriously,” he said.

“Instead, the major announcement almost completely spawns his presidential campaign before it even gets off the ground.”

Newsweek has reached out to Trump for comment.

[ad_2]