The Trump NFT collection recently saw a massive plunge in value, offloading 80% of its value within 14 days. This market scenario raises the question: how did such a drastic drop in value happen? Here is something that you need to know about the TrumpCards NFT collection.
How Did The Trump NFT Collection Value Plunge That Much?
Several possible explanations for the abrupt drop in the value of the Trump NFT collection come from various hypotheses. One possibility arises from the nonfungible token (NFT) market specifically those that are related to political figures, still relatively new and quite unpredictable. It means that the demand for these kinds of NFTs might fluctuate quickly, resulting in changes in value.
Another possible reason comes from the general state of the crypto market. The value of most cryptos, including those mostly utilized to acquire NFTs, has been highly volatile in recent months. It means that the value of NFTs in the cryptos might also fluctuate as a result.
Eventually, possibly the plunge in the value of the Trump NFT collection was just due to market forces at work. As with any investment, the value of NFTs might go up or down subject to various factors, including demand and supply. In that case, it seems like the demand for the collection just dropped, resulting in a decrease in value.
Both its sales volume and floor price have dropped massively since its release.
What Is The TrumpCards NFT?
TrumpCards NFT is a collection of nonfungible tokens (NFTs) that feature former United States President Donald Trump. Collectors buy these NFTs, also referred to as digital collectibles, using Crypto. Every TrumpCard NFT is unique and cannot get exchanged for another NFT.
The Trump NFT collection features different kinds of NFTs, including limited edition cards featuring the images of President Donald Trump, and rare and unique Cards. The rarest ones also grant special prizes for collectors, such as meeting the former president face-to-face. These nonfungible tokens used marketing to attract fans of President Trump, and their value is mostly based on their rarity and perceived demand among the collectors.
This Trump NFT collection was unveiled in December 2022 and rapidly gained popularity among collectors. Nonetheless, as highlighted previously, the value of these nonfungible tokens has recently plunged massively, losing 80% of its value within 14 days.
Despite that huge drop in value, the Trump NFT collection remains a popular choice among collectors and it will be quite interesting to see how the value of the NFTs fluctuates in the future.
