Former US President Donald Trump’s NFT collection has sold out, grossing some $4.45 million in primary sales.
Trump released a collection of 45,000 of his own-themed NFTs for sale on December 16 for $99 each. All NFTs were gobbled up within a couple of hours of launchand in the following two days the price floor shot up to an all-time high of around 0.83 Ether (ETH), or $1,006 on OpenSea.
Since then, however, the price floor has been volatile, while some community members have pointed out that the NFT artwork could have been plagiarized from other sources.
According to OpenSea data at the time of writing this article, the minimum price stands at 0.2 ETH (USD 242), which is a strong retracement of approximately 75%.
Trump NFTs Tanking as Hype Dies, Floor Price Down 70% https://t.co/gFAQLguJbl
— Commom’sen (@SenCommom) December 21, 2022
Trump NFTs Sink as Hype Dies; its minimum price drops 70% https://t.co/gFAQLguJbl
24-hour trading volumes have also dried up significantlygoing from around 1,541 ETH ($1.8 million) on December 18, to just 14.37 ETH ($17,402) on December 21.
Sold out in 77 seconds
Another big celebrity has jumped on the NFT bandwagon this week. Scottie Pippen, NBA Hall of Famer and Chicago Bulls great, launched an NFT project that sold out in just 77 seconds.
The release, dubbed “Scottie Pippen SP33”, consists of 1,000 unique sneakers to wear in the NFT Metaverse that were sold for the price of 0.2 ETH ($241).. NFTs are based on Ethereum and are said to be compatible with “almost any ecosystem”.
The minimum price has since risen to 0.42 ETH ($507) according to OpenSea data.and the project has generated a trading volume of 211 ETH ($255,000) since December 21.
A limited number of randomly chosen users will also receive additional benefits: 33 will receive a pair of physical sneakers, two will get the chance to play golf with Pippen, and one lucky one will get to visit Pippen’s hometown and dine afterwards.
The NFTs were developed in collaboration with entertainment company Web3 Orange Comet, which seems to have a solid format, having also produced a collection for Sir Anthony Hopkins that sold out in just seven minutes.
SP33 SOLD OUT IN 77 SECONDS
ORANGE COMET MAKES HISTORY ONCE AGAIN
Thank you all for participating in the @ScottiePippen SP33 Mint on @opensea.
Things only get better from here, stay tuned for more announcements on the utility reveal…https://t.co/cRXVOidCtV
— Orange Comet (@OrangeCometNFT) December 20, 2022
SP33 SOLD OUT IN 77 SECONDS. ORANGE COMET MAKES HISTORY AGAIN. Thank you all for participating in the @ScottiePippen SP33 Mint at @opensea. Things will only get better from now on; stay tuned for more announcements on the utility reveal…https://t.co/cRXVOidCtV
NFT games resemble the early days of mobile gaming
Chris AkhavanSolana-based NFT Magic Eden Market Game Director, believes that NFT/blockchain gaming is in a similar phase to the early days of mobile gaming.
“I was in the early days of mobile gaming, right after the iPhone and the App Store came out,” he told TechCrunch on December 21, adding: “I remember the attitude at the time among traditional game companies was that mobile games were stupid”.
Despite the skepticism of its beginnings, mobile games have become the most popular method of gaming in the world.. A New Zoo report from June 2020, in particular, highlighted that there were 2.5 billion mobile gamers that year, compared to 1.3 billion PC gamers and 800 million console gamers.
Therefore, Akhavan is not intimidated by the criticism that the gaming sector receives on the Web3 and predicts a boom in the coming years.
“We think the same thing will happen on Web3,” he says.and stresses that billions of dollars have already been poured into Web3 game studios to create a new avenue of gameplay.
NFT wash trading on Ethereum
Impressive Ethereum NFT Trading Volumes May Be a “Mirage”according to a recent Dune Analytics blog post by NFT market analyst pseudonym hildobby.
This is because NFT trading volumes on Ethereum may have been skewed by significant NFT wash trading.which according to hildobby made up about 80% of the total trading activity in January of this year.
More broadly, in 2022 as a whole, that figure sits at around 58% according to hildobby data, highlighting that the problem is still rampant. and that trading volumes may not necessarily be the best indicator of the use of an NFT market.
“In a nutshell, the most common method is to exchange your own NFT entre two purses what do you control by as much ETH as possible. The goal is to accumulate token rewards worth more than the gas rates you pay,” wrote hildobbyadding that:
“The rise of wash trading has really made life difficult for us data analysts, as it skews the basic statistics we use to track market usage.”
Limit Break CEO and Web3 Game Designer, Gabriel Leydon highlighted on December 20 via Twitter that the removal of copyright fees by various NFT marketplaces may have contributed significantly to this issue..
“Exchange-incentivized wash trading will destroy NFTs. It’s amazing how many different ways royalties were important to the space,” he wrote.while suggesting that royalties had “previously tamed exchanges and prevented wash trading on the scale we are seeing now.”
Exchange incentivized wash trading will destroy NFTs. It’s amazing how many different ways royalties were important for the space.
— Gabriel Leydon (FREE,OWN) (@gabrielleydon) December 19, 2022
Exchange-incentivized wash trading will destroy NFTs. It’s amazing how many different ways canons were important to space
Various data platforms such as CryptoSlam have since developed their own methods to filter potential money laundering operations.and in her post, hildobby outlined how they are filtering out such trades from their analytics going forward.
In particular, hildobby is flagging trades where the buyer and seller have the same wallet address.NFTs that are sent back and forth between two wallets, addresses that purchase three or more of the same NFTs, and wallets where the buyer and seller were first funded by the same initial wallet.
“When we apply all these filters, the results are revealing. On Ethereum, laundering is only 1.5% of all trades, but… More than $30 billion of NFT trading volume – almost 45% of the total – comes from laundering.”
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The independent game developer Metaverse Game Studios, which boasts a host of developers who have worked on various AAA titles such as Far Cry and Diablo Immortal, has announced a partnership with Web3 development platform ImmutableX to continue building its upcoming RPG Angelic..
entertainment company Blockchain Coda Labs commissioned a survey targeting game developers to find out their opinion on Web3. The researchers found that the majority of respondents believe that Web3 games are on the way to their companies, with 75% hoping to work on Web3 projects in the future..
Clarification: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information presented here should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.
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