The price of the non-fungible token (NFT) digital trading cards established by former US President Donald Trump has risen as daily sales have increased by almost 800%. Sales are surging as it looks Trump will be active on major social media platforms such as Facebook and Twitter.
According to CryptoSlam data, Trump’s digital trading cards saw sales volumes rise to $3.5 million per day shortly after introduction before plummeting to less than $30,000 per day less than a month later. Sales volumes dropped until the last several days, when they increased by 800%.
According to data, digital collectibles had a $34,000 trading volume on January 17, but their trading volume increased 800% to $306,000 on January 18. Since then, the high sales volume appears to have been sustained. As prices rose, the NFTs saw a 1,900% increase in 24-hour trading volume.
The NFTs were initially priced at $99 apiece, with 45,000 collectibles produced on the Polygon ($MATIC) network, which is a Layer-2 scaling option for Ethereum that allows users with speedier transactions and reduced prices as a parallel blockchain operating alongside the main Ethereum network.
The digital artefacts feature the former President of the United States as a superhero, a cowboy, and other characters. They were initially sold with the opportunity to earn exceptional advantages such as a meet-and-greet with him.
The floor price of these NFTs began around 0.05 ETH and has now soared to 0.33 ETH.
The increase in sales volumes and pricing appears to be tied to recent reports indicating that the former United States President is planning to become active on both Facebook and Twitter in the near future. Trump was barred from these networks following the January 6 attack on the United States Capitol Building but has since been reinstated on Twitter when the microblogging platform was acquired by Elon Musk, and people voted for his reinstatement in a poll.
According to NBC News, Trump’s team has also petitioned Facebook to reinstate his accounts, implying that he will resume social media activity. While the NFTs have been widely derided as a cash grab, their first public offering sold out in less than a day, and secondary market values have continued to rise.
Trump has stated that the NFT art images are “kind of charming,” citing this as one of the reasons for launching the collection.
