NFT Market Faces Winter While Trump Digital Cards Surge 250% and Web3 Debate Intensifies

NFT Market Concentration and Decline

The non-fungible token market has entered a winter phase, with overall NFT activity decreasing gradually across various marketplaces, according to data from tiexo.com, a multi-chain NFT explorer ^[1]. Trading volume has become increasingly concentrated among the top platforms, with OpenSea and Blur accounting for the majority of activity ^[1].

In the past 30 days, OpenSea generated $73 million in trading sales volume, representing 53% of total trading volume across the five top NFT marketplaces ^[1]. Blur, an Ethereum-based NFT marketplace designed for professional traders offering advanced analytics and zero marketplace fees, ranked second with $30 million in trading volume ^[1]. Magic Eden, a multi-chain NFT marketplace enabling users to trade digital assets across Solana, Bitcoin, Ethereum, and Polygon, captured third place with $18 million ^[1].

Major Collections Face Steep Losses

Leading NFT collections have experienced severe floor price declines in December. Mutant Ape Yacht Club from Yuga Labs was the most impacted collection, with its floor price declining 30% to 0.59 ETH over the past 30 days ^[1]. Lil Pudgy saw the second-largest decline, with its floor price plunging 34% to 0.46 ETH ^[1].

Many NFT collections have lost 60% of their value since their initial peak in January, with the global NFT market beginning its decline in November ^[3].

Traders Shift to Memecoins

Data from CoinMarketCap shows NFT traders have shifted their attention to memecoins, with consistent volume across major tokens like Dogecoin, Shiba Inu, and Pepe ^[1]. Many of the most actively traded tokens over the past week are either native to Solana or heavily traded on that blockchain ^[1].

Solana-based memecoins have posted high volume despite smaller market caps, with tokens being frequently traded rather than held long-term ^[1]. Low transaction fees and fast settlement on Solana make it easier for traders to enter and exit positions quickly, keeping activity elevated ^[1].

Trump NFTs Defy Market Downturn

While the broader market struggles, Trump Digital Trading Cards have surged significantly in both trading volume and floor price, according to nftpricefloor.com ^[3]. In the past 30 days, the collection generated 199,005 MATIC in trading volume, representing a 250% increase from the previous month ^[3]. The floor price reached 555.12 MATIC at the time of reporting, up 257% from the previous month ^[3].

Launched in December 2022 on the Polygon blockchain, Trump Digital Trading Cards feature artistic depictions of Donald Trump in various heroic or professional roles ^[3]. Priced at $99 each, they offer incentives including physical memorabilia and exclusive experiences such as dining opportunities ^[3].

The growth is driven by political momentum and tangible holder perks, with Trump NFTs acting as "sentiment barometers" for his political standing ^[3]. Traders use these NFTs to bet on political and regulatory outcomes, with current speculation focused on Trump's potential choice to replace Fed Chairman Jerome Powell ^[3].

Web3 Debate Escalates

Cardano founder Charles Hoskinson sparked public debate after criticizing the Canton Network on social media platform X ^[2]. Hoskinson argued that the network, backed by traditional financial institutions, is attempting to replicate what XRP and Midnight have already built at a much larger scale ^[2]. "These guys never learn and don't understand what makes Web3 unique and meaningful," Hoskinson stated ^[2].

Yuval Rooz, founder and CEO of Digital Asset and the Canton Foundation, challenged Hoskinson's claims by questioning Cardano's actual achievements and requesting clear data on DeFi and decentralized exchange activity ^[2].

In response, Hoskinson defended Cardano by listing its key achievements, including secure non-custodial staking and being the first blockchain to use the EUTXO model with smart contracts ^[2]. He highlighted Cardano's academic backing and large on-chain governance system, while acknowledging that the network's DeFi activity remains weaker than some competitors ^[2]. Hoskinson predicted improvement next year as new integrations launch and more Bitcoin and XRP assets move into the ecosystem through the Midnight chain ^[2].