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- 1 The NFT market experienced a decline in the volume of trading sales.
- 2 Ethereum, Bitcoin, and Solana platforms suffered a sales decline in the past week.
- 3 Despite declines, the Trump NFT collection represented a hike of 25% in the floor price.
The year 2024 doesn’t seem a good start for the entire NFT marketplace. NFT trading volume continued to drop for the third week of January. Last week, the trading volume plumed to $233 Million, a drop of 22.5% when compared to the previous week. However, NFT projects streaming on the Polygon blockchain showcased an outstanding performance. Trump Digital Trading Card Series 2 represented an upsurge of 25% in floor price.
How Did the NFT Sector Start the New Year
The shifting interest of people in the cryptocurrency market heavily impacted the performance of the NFT sector in 2024. The NFT marketplace underwent a sharp drop of 21.25% in sales volume in one week between 20 January and 27 January 2024.
Around $223 Million fall is observed in the NFT industry in the first three weeks of January. However, the count of active users is enhancing gradually, which somehow maintains the NFT sector’s performance.
In the past week, around 734,000 individuals made an NFT purchase from different platforms, showcasing the balanced interest of NFT enthusiasts despite the drop in trading volume.
Additionally, the major influence is recorded on blockchains, including Ethereum and Bitcoin. Both platforms recorded a loss ranging from 28.78% to 12.62%, respectively.
Furthermore, Solana, Polygon, and Avalanche are following Ethereum and Bitcoin in the game. 11.85% of the lowering is marked in the Solana-based NFT projects, documenting $53.69 Million in sales. Polygon and Avalanche, on the other hand, estimated drops of 36.40% and 41.25% respectively.
However, Trump Digital Trading Card Series 2 has showcased outstanding performance despite these declines. Bitcoin Ordinals and the election season could be the main reasons behind Trump NFTs’ outstanding performance.
Why is the Trump NFT Trending?
Trump Digital Trading Card Series 2, the second series of the digital Trump card collection, has shown a rocking performance on the NFT stage. The floor price of the collection experienced an upsurge of 25% in the past week.
On January 19, the announcement of a new NFT collection on Bitcoin Ordinals by Donald Trump and the current election season attracted the audience to the NFT collection. However, the Bitcoin Ordinals collection suffered a fall of over 35% in sales.
Additionally, major NFT players including CryptoPunks and BAYC also recorded a drop of 8% in the past two weeks.
The enhanced interest of NFT fans towards the Trump NFT collection also improved the sales of NFTs on Polygon, reaching 70% this month.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
