After a sold-out release that netted an estimated $4.45 million from primary sales, former United States President Donald Trump’s NFT collection is already on a crash course to earth.
Trump released his 45,000 auto-themed weirdos NFT sticker collection on December 16 for $99 each. All NFTs were gobbled up within a couple of hours of launch, and in the following two days the bottom price skyrocketed to an all-time high of around 0.83 Ether (ETH), or $1,006 on OpenSea.
Since then, however, the floor price has been volatile, while some in the community have highlighted that the NFT artwork may have been plagiarized from other sources.
According to OpenSea data at the time of writing, the floor price stands at 0.2 ETH ($242), marking a strong retracement of approximately 75%.
Trump NFTs Crash As Hype Dies, Floor Price Drops 70% https://t.co/gFAQLguJbl
— Commom’sen (@SenCommom) December 21, 2022
24-hour trading volumes have also dropped significantly, from around 1,541 ETH ($1.8 million) on December 18 to just 14.37 ETH ($17,402) on December 21.
Gone in 77 seconds
Another big celebrity jumped on the NFT bandwagon this week. NBA Hall of Famer and Chicago Bulls great Scottie Pippen released an NF project that sold out in just 77 seconds.
The release dubbed “Scottie Pippen SP33” consists of 1,000 unique NFT Metaverse wearable sneakers that sold for a mint price of 0.2 ETH ($241). NFTs are based on Ethereum and are said to be compatible with “almost any ecosystem”.
Since then, the minimum price has increased 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 hodlers 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 person will get a tour of Pippen’s hometown and dinner afterwards.
The NFTs were developed in association with entertainment company Web3 Orange Comet, which seems to have a strong format given that it also produced a collection for Sir Anthony Hopkins that sold out in just seven minutes.
SP33 SOLD OUT IN 77 SECONDS
THE ORANGE COMET MAKES HISTORY AGAIN
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
NFT games similar to the early days of mobile gaming
Chris Akhavan, Game Director of the Solana-based NFT Magic Eden marketplace, believes that NFT/blockchain gaming is at a similar stage to the early days of mobile gaming.
“I was around in the early days of mobile gaming, right after the iPhone came out, the App Store came out,” he said. saying TechCrunch on December 21, adding that “I remember the attitude back then among traditional game companies was that mobile games were stupid.”
Despite facing a lot of skepticism in its early days, mobile gaming has become the most popular method of gaming across the globe. A report of New Zoo in June 2020 in particular, highlighted that there were 2.5 billion mobile gamers compared to 1.3 billion PC gamers and 800 billion console gamers that year.
As such, Akhavan is unfazed by criticism of the Web3gaming space and is aiming for a boom in the coming years.
“We believe the same journey will happen in Web3,” he said, emphasizing that billions of dollars have already been invested in Web3 game studios to build a new avenue for gaming.
NFT wash trading on Ethereum
Impressive Ethereum NFT Trading Volumes May Be a “Mirage” According to a Recent Dune Analytics Blog to post from the pseudonymous NFT Market Analyst Hildobby.
This is because NFT trading volumes on Ethereum may have been skewed by significant NFT wash trading, which hildobby says accounted for around 80% of total trading activity in January of this year overnight.
Looking more broadly at the entirety of 2022, that figure sits around 58% according to hildobby’s data, highlighting that the problem is still rampant and that trading volumes may not necessarily be the best indicator of the use of a NFT market.
Simply put, the most common method is trading your own NFT between two wallets you control For him as much ETH as possible. The goal is to accumulate token rewards worth more than the gas fees you pay,” hildobby wrote, adding that:
“The rise of wash trading has really made life difficult for us data analysts, as it distorts the basic statistics we use to track market usage.”
Limit Break CEO and Web3 game designer Gabriel Leydon highlighted via Twitter on December 20 that the removal of royalty 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 royalty fees had previously “tamed exchanges and prevented money laundering on the scale we’re seeing now.”
Exchange-incentivized wash trading will destroy NFTs. It’s amazing how many different ways royalties were important to the space.
— Gabriel Leydon (FREE, OWN) (@gabrielleydon) December 19, 2022
Since then, various data platforms such as CryptoSlam have developed their own methods of filtering potential wash trades, and in her post, hildobby outlined how they are filtering such trades from their analytics going forward.
In particular, hildobby now flags trades where the buyer and seller have the same wallet address, NFTs that are sent between two wallets, addresses that buy three or more of the same NFT, and wallets where the buyer and seller they were first funded by the same initial wallet.
“When we apply all these filters, the results are revealing. On Ethereum, laundering accounts for only 1.5% of all trades, but… Over $30 billion in NFT trading volume, nearly 45% of the total, comes from laundering.”
Other nifty news:
Indie game developer Metaverse Game Studios, which boasts a large number 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 your next Angelic RPG.
Blockchain entertainment firm Coda Labs commissioned a survey targeting game developers to take a look at their thoughts on Web3. The researchers found that the majority of respondents believe that Web3 games are on their way to their companies, with 75% expect to work on Web3 projects in the future.