BlocksInform
- The market decline was defied by Trump NFTs
- Strategic Moves: Trump's Bitcoin Ordinals
- Global NFT Market Faces Trading Volume Decline
- ETH And SOL Based NFTs Struggling
- Shifting Dynamics: NFT Market Diversification
Despite a significant dip in the global NFT market, former POTUS Donald Trump’s NFT collection is soaring in popularity.
Trump NFTs Defy Market Decline
Trading volume declines in the global NFT market are continuing, marking its third consecutive week of decreased activity. However, amidst this downturn, former US President Donald Trump's NFT collection emerges as an anomaly, thriving against the prevailing market trend.
Trump Digital Trading Card Series 2 was the most popular NFT collection on the Polygon network, leading to a 70% increase in NFT sales in January. the collection notched a significant 25% increase in floor price, The upcoming US election season and Trump's campaign efforts are fueling heightened anticipation.
Strategic Moves: Trump's Bitcoin Ordinals
Capitalizing on his current popularity, Donald Trump strategically launched his NFT collection in the form of Bitcoin Ordinals. He also stated that buyers who obtain at least 100 Trump Mugshot NFTs will receive a bonus bitcoin order. Even though Bitcoin Ordinals collections experienced a significant 35% decline in sales in January 2024, this shrewd strategy was still able to boost Trump NFT sales.
Global NFT Market Faces Trading Volume Decline
Contrary to Trump's NFT success, the broader NFT market presents a different narrative. CryptoSlam, an on-chain data aggregater, reported a 22.5% decrease in trading volume and a barely $223 million in total sales for the previous week.
An increase in the number of active participants in the NFT market should be noted. The NFT sales on multiple platforms saw an increase of 34% compared to the previous week, with more than 734,000 collectors actively involved last week. Despite the decrease in trading volumes, there is a growing interest in NFTs, as indicated by this data.
ETH And SOL Based NFTs Struggling
Even the most popular Ethereum-based NFT collections felt the effect of a decreasing trading volume. Over the past two weeks, Cryptopunks and Bayc's floor prices have fallen by nearly 8%. The same NFT is repeatedly bought and sold to artificially stimulate market activity, according to expert reports on NFT collections on networks such as Solana and Avalanche that have witnessed significant wash trading activities.
Shifting Dynamics: NFT Market Diversification
While the NFT market showed signs of improvement in late 2023, the current scenario suggests a return to a bearish trend. Polygon and Avalanche, both of which are experiencing remarkable growth this month, may be drawing interest from less popular networks. Instead of strictly contracting, the market is diversifying, which suggests a possible shift in user preferences and a larger transformation in the NFT business landscape.
Solana
Solana
