After its launch, which earned around $4.45 million from primary sales, former U.S. President Donald Trump’s NFT collection is already plummeting toward the planet.
Trump deployed 45,000 of his strange balls self-themed NFT Trading Card Collection December 16, $99 a glass. The NFT was all eaten up within hours of its launch, and within the next two days the price floor jumped to an all-time high of around 0.83 Ether (ETH), or $1,006 on OpenSea for him.
Since then, however, the lowest prices have been volatile, and some in the community believed that the NFT artwork was Plagiarism from other sources.
According to OpenSea data at the time of writing, the lowest price is 0.2 ETH ($242), showing a sizeable retracement of around 75%.
Trump NFT Tanks As Hype Dies, Lowest Price Down 70% https://t.co/gFAQLguJbl
— Commom’sen (@SenCommom) December 21, 2022
The 24-hour trading volume also dropped significantly, from around 1,541 ETH ($1.8 million) on December 18th to just 14.37 ETH ($17,402) by December 21st.
disappeared in 77 seconds
Another celebrity jumped on the NFT bandwagon this week. Launched by NBA Hall of Famer and Chicago Bulls great Scottie Pippen, his NF project sold out in just 77 seconds.
Dubbed “Scottie Pippen SP33,” the drop consisted of 1,000 unique NFT Metaverse wearable sneakers with a mint price of 0.2 ETH ($241). NFT is said to be Ethereum-based and compatible with “nearly any ecosystem”.
The lowest price has since risen to 0.42 ETH ($507) and the project has generated 211 ETH ($255,000) worth of trading volume since December 21, according to OpenSea data.
A limited number of randomly selected hoddlers will also receive bonus perks, 33 will receive physical sneakers, 2 will get the chance to play golf with Pippen, and 1 lucky person will win is given a tour of Pippen’s hometown, followed by dinner.
NFT was developed in partnership with Orange Comet, a Web3 entertainment company. Orange Comet seems to have a solid format considering they sold out Sir Anthony Hopkins’ collection in just seven minutes.
SP33 sold out in 77 seconds
Orange Comet Makes History Again
Things only get better from here. Stay tuned for more announcements on utility announcements…https://t.co/cRXVOidCtV
— Orange Comet (@OrangeCometNFT) December 20, 2022
NFT game similar to the early mobile gaming era
Chris Akhavan, chief gaming officer at Solana-based NFT marketplace Magic Eden, believes that NFT/blockchain games are at a stage similar to the early days of mobile gaming.
“I was in the early days of mobile gaming, just after the iPhone came out, around the time the App Store came out,” he said. Said At TechCrunch on Dec. 21, he added, “I remember the attitude among traditional game companies at the time was that mobile games were silly.”
Despite facing a lot of skepticism in the early days, mobile gaming has become the most popular way to game around the world.a report In particular, a June 2020 New Zoo study highlighted 2.5 billion mobile gamers compared to 1.3 billion PC gamers and 800,000 console gamers that year.
As such, Akhavan is unfazed by criticism of the Web3gaming space, suggesting it will boom in the next few years.
“I think the same journey will take place with Web3,” he said, emphasizing that billions of dollars have already been invested in Web3 game studios to build new avenues for gaming.
NFT wash trading on Ethereum
Ethereum NFT’s impressive trading volume may be a ‘mirage’, according to recent Dune Analytics blog director From pseudonymous NFT Market Analyst Hildby.
This is because NFT trading volume on Ethereum may have been distorted by NFT wash trading. According to Hildby, his NFT wash trades accounted for about 80% of all trading activity this January.
Looking broader at 2022 as a whole, that figure is around 58%, according to Hildby data, the problem is still prevalent and transaction volume may not always be the best indicator of NFT market usage. It emphasizes that there is
“In a nutshell, the most common method is trading. Your own NFTs between 2 wallets you manage in order to Highest ETH possibleThe goal is to earn token rewards worth more than the gas fee you pay,” Hildby wrote, adding:
“The wash trading boom has really made life difficult for us data analysts by distorting the basic statistics we use to track market usage.”
Limit Break CEO and Web3 game designer Gabriel Leydon took to Twitter on December 20 to highlight that the removal of royalty fees by many NFT marketplaces may have contributed significantly to the problem. did.
“Forex-incentive wash trading destroys NFTs. It’s amazing how much importance royalties have had for this space,” he wrote, noting that previously royalty fees “stuck exchanges and now It was impeding wash trading on the scale seen.”
Wash trading with exchange incentives destroys NFTs. It’s amazing how royalty has been important to spaces in so many different ways.
— Gabrielle Raydon (FREE,OWN) (@gabrielleydon) December 19, 2022
Since then, various data platforms such as CryptoSlam have developed their own methods of filtering out potential wash trades. In his post, Hildby outlines how to exclude such deals from future analysis.
In particular, hildobby currently does not support transactions where buyer and seller have the same wallet address, transactions where NFTs are exchanged between two wallets, addresses where 3 or more of the same NFTs are purchased, and buyer and seller are on the same wallet. Trading is flagged. Funded initially from the same initial wallet.
“Applying all these filters yields amazing results. On Ethereum, wash trades represent only 1.5% of all trades, but … over $30 billion in NFT trading volume (nearly 45% of all trades). %) is due to wash trading.”
Other nifty news:
Metaverse Game Studios, an independent game development company with hundreds of developers working on various AAA titles such as Far Cry and Diablo Immortal, has announced a partnership with Web3 development platform ImmutableX. Continue development of future RPG Angelic.
Blockchain entertainment company Coda Labs has commissioned a survey of game developers to get a peek at their thoughts on Web3. Researchers found that a majority of respondents believe Web3 games are being introduced into their companies. 75% plan to work on Web3 projects in the future.