A Blockbuster Launch to a Bumpy Ride
Former President Donald Trump kicked off his nonfungible token (NFT) journey with a bang, raking in a staggering $4.45 million from the initial sale of 45,000 self-themed trading cards. Launched on December 16 for $99 each, the NFTs were snatched up faster than a Black Friday sale. Just two days later, the floor price soared to an impressive 0.83 Ether (ETH), which translated to around $1,006. But as they say, what goes up must come down. And boy, did it come crashing down!
Volatile Prices and Alleged Plagiarism
As of recent reports, the price for these Trump NFTs has been more volatile than a toddler on a sugar high. Currently sitting at 0.2 ETH ($242), this marks a painful 75% drop from its peak. To add insult to injury, whispers of possible plagiarism in the NFT artwork have stirred up a bit of controversy within the crypto community. It’s like finding out your favorite song was just a cover of another track. Ouch!
From Hype to Hopelessness
And if you thought the price crash was bad, just wait until you hear about the trading volume. What started as a bustling $1.8 million on December 18 has plummeted to a mere $17,402 by December 21. That’s a drop that would make even the most seasoned investor cringe. To put it in simpler terms, it’s like going from a packed stadium to a game in a deserted park.
Scottie Pippen Scores Big with Quick Sell-Out
Meanwhile, not all celebrity NFT launches have gone belly-up. Basketball legend Scottie Pippen made headlines with his “Scottie Pippen SP33” NFT project, which sold out in a jaw-dropping 77 seconds. Priced at 0.2 ETH ($241), the initial hype has led to a current floor price of 0.42 ETH ($507). Bonus perks include some lucky buyers getting a chance to win a round of golf with Pippen, proving that sometimes, a dash of star power makes all the difference.
The NFT Gaming Landscape: Just Getting Started?
Chris Akhavan, the chief gaming officer of Magic Eden, drew an interesting comparison between the current state of NFT gaming and the early days of mobile gaming. Despite skepticism, the mobile gaming scene today boasts 2.5 billion players. If Akhavan’s predictions come true, this might just be the beginning for NFT gaming’s future.
The Reality Behind Trading Volumes
Though $1.8 million in trading volume sounds impressive, a recent analysis suggests most of it could be a mirage due to wash trading. This deceitful practice accounts for around 58% of trading activity throughout 2022. To break it down, it’s like trading your toys back and forth among friends to make it look like they’re in high demand. 😂
