Melania Trump sells final NFT To herself

Melania Trump’s venture into NFTs has been everything but successful. The former First Lady has put out two different NFT collections and both have ended poorly.

While the first collection was reported as a flop, with no liquidity or demand, her latest expensive auction has ended in embarrassment.

Crypto enthusiasts have used the blockchain ledger to confirm the NFT was sold to the auction creator and not to a buyer.

The Head of State Collection, 2022 NFT was looking like it would be much more successful than Melania’s first NFT collection.

The auction for the NFT, which included physical collectibles as well, started at $250,000 and received a few bids up to $258,000.

When the auction finished, many looked into the transactions to determine if they could figure out who purchased the expensive collectible. When following the transaction history it became clear that the auction creator was also the buyer.

According to the blockchain data, funds originated from the creator’s wallet, moved into the auction winner’s wallet and were converted into SOL to pay for the NFT.

This action is embarrassing to say the least. Almost all cryptocurrency enthusiasts know how easy it is to track transactions and this issue could have been completely avoided by sending the funds to cover the auction from a new wallet, not from the creator’s wallet.

This action is known in the cryptocurrency world as ‘wash trading’ in which the seller will fake a large purchase in order to inflate the value of an NFT.

Melania Trump’s representatives have declined to say who purchased the Head of State NFT but they asserted that blockchain transactions are transparent and can be viewed by anyone.

Melania Trump’s first NFT collection, Melania’s Vision, is still illiquid and since we last reported on it, there has been zero volume between buyers and sellers of this NFT. Without volume, an NFTs value is essentially zero as no one is willing to buy it.

There are currently 120 Melania’s Vision NFTs available on the Solana based NFT marketplace, SolSea. The prices vary but there are currently no bidders or buyers of this collection.

Melania Trump’s website still allows users to subscribe to a newsletter about new collections, but many speculate this will be the end of her NFT venture.

The NFT website for these collections has not been updated and still states the Head of State Collection, 2022 is an upcoming release.

Source

Updated: 02/18/2022 — 18:00