Former US first lady Melania Trump has decided to get involved in NFTs as part of a charity organization but those who purchased her NFTs are stuck holding them with very little liquidity.
NFTs have given an incredible opportunity to those who know very little about blockchain technology to get involved in cryptocurrency.
Large organizations like Adidas, Disney, Samsung and more have recently moved into the NFT world with their own collections and marketplaces.
Trump released her first NFT collection called Melania’s Vision, which was on sale for two weeks in December.
The collection sold more than 2000 NFTs for 1 SOL each (~$140). They featured an image of Melania Trump’s eyes and a six second audio message of hope from her. The NFTs were not unique, and all featured the same image and audio.
Two weeks after the sale ended and many of the NFTs are sitting on marketplaces waiting to be sold. As of today, only six NFTs have sold on secondary markets and half of them have sold for less than 50% of their original value. One NFT even sold for 0.000000003 SOL which is much less than $0.01.
Many of these NFTs are on sale for very high prices but even some of the cheaper ones have not had any buyers or bidders.
The total volume of trades for these NFTs is 4.24 SOL or $593. Compared to some of the popular collections which have millions of dollars’ worth of daily trading volume, this collection looks to be a loss to owners. Without buyers or utility, NFTs are essentially valueless.
To make matters worse the NFTs are not being properly managed and there are hundreds of fake versions of these NFTs on various marketplaces. Normally a team would monitor for impersonator NFTs and contact the marketplace to have them removed. This has not been the case so far with Melania’s Vision NFTs, which are being created by Parler.
Trump is now getting ready to launch her second NFT product called https://melaniatrump.com/head-of-state.
This is a one of a kind NFT on auction with a starting price of $250,000. The NFT auction ends in one week and has few bids bringing the current value to $258,000.
The NFT collectible comes with a signed hat and a watercolor painting of Melania Trump. At this time, it is unknown if she will continue to release future NFT collections.