, after launching a sale that netted nearly $4.45 million in initial sales, the former US President’s collection of non-fungible tokens (NFTs) is already on a crash course towards Earth.

Trump is rolling out his 45,000 geeky-themed NFT trading card collection on Dec. 16 for $99 a pop. All the NFTs were gobbled up within two hours of launch, and within the next two days the floor price on OpenSea had skyrocketed to an all-time high of around 0.83 Ether.
ETH

cursors down
$1,216 USD

, or 1006 US dollars.

Since then, the lower price has been volatile, while some in the community have asserted that the NFT artwork may be plagiarized from other sources.

According to OpenSea data at the time of writing, the floor price is at 0.2 ETH ($242), which represents a significant retracement of around 75%.

Trading volumes also dried up significantly, going from around 1,541 ETH ($1.8 million) on December 18 to 14.37 ETH ($17,402) by December 21.

Gone in 77 seconds
Another famous name jumped on the NFT bandwagon this week. NBA Hall of Famer and Chicago Bulls great Scottie Pippen launched an NFT project that sold out in just 77 seconds.

Dubbed “Scottie Pippen SP33,” the product consists of 1,000 NFT metaverse wearable sneakers, priced at 0.2 ETH ($241 USD). The Ethereum-based NFT is said to be compatible with “almost any ecosystem.”

Since then, the price has bottomed out to 0.42 ETH ($507), according to OpenSea data, with the project generating 211 ETH ($255,000) in trading volume since December 21.

A limited number of randomly selected loafers will also get bonus benefits, with 33 getting a pair of sneakers, two getting the chance to play golf with Pippin and one lucky person getting a tour of Pippin’s hometown plus dinner afterwards.

The NFTs were developed in partnership with Web3 entertainment company Orange Comet, which seems to have a solid format considering they also produced a Sir Anthony Hopkins set that sold out in just seven minutes.

NFT games are similar to the early mobile gaming days
Chris Akhavan, chief gaming officer of Solana-based NFT Market Magic Eden, believes that NFT-based blockchain games are at a similar stage to the early days of mobile gaming.

“I was around in the early days of mobile gaming, right after the iPhone came out, the App Store came along,” he told TechCrunch on Dec. 21, adding, “I remember the attitude back then among traditional game companies was that mobile games were stupid.”

Despite facing a lot of skepticism in its early days, mobile gaming has become the most popular way of gaming all over the world. For example, a report by New Zoo in June 2020 highlighted that there were 2.5 billion mobile gamers compared to 1.3 billion PC players and 800,000 million console players that year.

As such, Akhavan is unfazed by the criticism of the Web3 gaming space and advises it to thrive over the next few years.

“We believe the same journey will happen in Web3,” he said, emphasizing that billions of dollars have already been invested into Web3 game studios to build a new medium for gaming.

NFT trading on Ethereum
The impressive trading volumes for Ethereum NFTs may be a “mirage,” according to a recent Dune Analytics blog from pseudonymous NFT market analyst Hildobby.

This is because NFT trading volumes on Ethereum may have been skewed by large NFT trading, which Hildobby says made up about 80% of all trading activity in January.

Looking broader at the whole of 2022, that number sits at around 58%, according to hildobby’s data, highlighting that the problem is still rampant and trading volumes may not necessarily be the best indicator of NFT market utilization.

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