Trump NFT Collection Soars Amid Declines in NFT Market
NFT market dips in January, Trump's NFTs surge. Sales fall to $223M, Trump NFTs thrive amidst US election season.
The NFT market is facing a downturn in the third week of January, with trading volumes falling to $223 million, a 22.5% drop from the previous week. However, the number of people buying NFTs is increasing. Over 734,000 collectors bought NFTs recently, showing a 34% rise in interest.
While most NFT collections are struggling, Trump's NFTs are doing well. This month, sales of NFTs on the Polygon network jumped by 70%. The price of Trump Digital Trading Card Series 2 increased by 25%, possibly because of the US election season and Trump's campaign efforts. Trump also announced a Bitcoin ordinal bonus for people who pay for at least 100 Trump Mugshot NFTs, boosting the sales of his NFT collection.
Meanwhile, other NFTs, especially those based on Bitcoin Ordinals,Ethereum, and Solana, are declining. Collections like CryptoPunks and BAYC on Ethereum have dropped by about 8% in two weeks.
According to expert reports, NFT collections on networks like Solana and Avalanche have seen a lot of wash trading. Wash trading involves buying and selling the same NFT to make the market look busier than it is or create a fake log of trading activities. Notably, the NFT market showed signs of improvement in late 2023 but is now returning to a bearish trend.
