The price of former president Donald Trump’s NFT collection has been highly volatile, plunging more than 50 percent in the last 24 hours.
The NFT collection launched last week on Thursday to much criticism and cringe. Despite the reaction, some die-hard Trump fans bought the NFTs, selling out within a day of launching.
The collection is made up of 45,000 individual collectibles. Originally priced at $99 a piece, individual NFTs afterward reached higher prices.
The Trump Digital Trading Cards project hit a significant decrease in value over the weekend. The floor price peaked at around 0.84 ETH ($1,182) on Saturday, only to plunge as low as 0.33 ETH ($390) by early Sunday morning.
The Trump NFTs have become a big talking point. Late-night television has even picked it up, with jokes appearing on shows such as Late Night with Seth Meyers, The Tonight Show Starring Jimmy Fallon, Jimmy Kimble Live, and The Late Night Show with Stephen Colbert.
Saturday Night Live eviscerated Trump over the NFT trading cards in its cold opening on Saturday as well.
The program roasted Trump’s “major announcement.” While many had speculated that the announcement would be related to his 2024 campaign – such as the reveal of a running mate – it turned out to be far more cringe: NFT trading cards portraying Trump as a superhero.
SNL’s James Austin Johnson appeared as Mr. Trump with a Christmas announcement in defense of the marketing scheme.
“Seems like a lot, seems like a scam – and in many ways, it is,” Johnson said. “But we love the Trump cards. We just love them. You can also get them for free by just going online and looking at them, maybe, I don’t know. Maybe taking a screenshot, but we would really prefer it if you sent the $99.”
Weekend Update host Colin Jost also joked about the NFT trading cards.
“Semi-retired maniac Donald Trump has launched a collection of digital NFT trading cards depicting him in various costumes including cowboy, superhero, and, most unbelievably, the guy who didn’t dodge the draft,” he said. “I’m honestly just relieved he is wearing an American military uniform.
“It is such a funny move to get into NFTs now after the whole market just crashed. It’s like getting into Kanye now, which Trump also kind of did,” Jost said.
Even Trump allies criticized the NFT announcement. Former White House Chief Strategist and massive Trump ally, Steve Bannon, said he “can’t do this anymore”.