Was Melania Trump’s NFT Sale a Wash?

melania trump nft venture white hat

melania trump nft venture white hat

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Former US First Lady Melania Trump’s most recent for sale NFT was just sold for 180,000 SOL ($170,000 at the time of acquisition).

During French President Macron’s state visit to Washington, she wore the NFT, a wide-brimmed white hat.

While Melania Trump appears to be establishing her own economic empire, the crypto community instantly noticed something unusual in the selling activities.

The NFT buyer was, by chance, the NFT inventor, according to blockchain data.

Trump’s Strange Tale

Melania became the “crypto queen” in December 2021 after announcing the introduction of NFT.

The formal announcement marked the former US First Lady’s significant entry into the crypto industry. Melania announced at the time that her life-inspired artwork was selling as NFTs and will be published on the Solana blockchain.

After the initial NFT publication of “Melania’s Vision,” the statement hinted that further collections would follow.

At the time, the collection included NFTs displaying her eyes at 1 SOL. Under her name, all revenues from the sale will be donated to charity that aid children.

Everyone is getting into the NFT market

The former First Lady appears to be sticking to her guns.

By the end of January 2022, she had announced the debut of a new NFT collection named “Head of State Collection, 2022,” which depicted Mrs. Trump wearing a white hat during the White House reception for French President Emmanuel Macron in 2018.

Melania Trump’s spokesperson stated in this press release announcing the auction of the NFT that an offer to acquire for up to 1,800 SOL ($250,000 at the time) was submitted. The funds received will be utilized to support charitable initiatives for children in the future.

The auction then proceeded smoothly, with the ultimate sale price remaining at 1,800 SOL. However, owing to the cryptocurrency market’s drop in mid-January, the cash worth of the same amount is just 170,000 USD.

However, further research revealed that the circumstance appeared to be too good to be true. Following a sequence of transactions on the Solana blockchain, it is evident that the vendor and buyer of Melania Trump’s NFT are very certainly the same person.

Getting Rid of the Tape?

Melania Trump previously announced her plan to enter the NFT market last year, characterizing it as a combination of her passion for art and dedication to assisting our nation’s youth in achieving their own unique American Dream.

The transaction went down in the following order. The initial wallet address sent 372,657.64 USDC to an intermediate address, which subsequently converted a portion of that value to 1,816.08 SOL using DEX Raydium.

This intermediate address sent 1,800 SOL to the second address, which also won the auction. The initial address got 1,800 SOL and delivered it to the intermediate address, who then utilized Raydium to convert the remaining SOL to USDC.

People are “impressed” to realize that the buyer of the NFT hat is the seller only after following the cash flow path in the sequence of transactions.

The Blockchain protocol’s nature is completely visible. As a result, the public has access to each transaction on the blockchain. A third-party buyer was represented in the transaction.

Melania’s representatives

Although blockchain data is well-known for its transparency and trustworthiness, it remains unclear if Melania Trump’s NFT was a wash deal.

This is not the first time that the true worth of NFT initiatives has been called into doubt.

The famed Bored Ape Yacht Club (BAYC) has recently been accused of bribing celebrities to buy NFT BAYC or providing them NFT directly to both do media and push the price up.

Meanwhile, Melania has made no more remarks on the freshly announced series of activities.

One explanation for this bizarre deed is that the buyer used cash rather than cryptocurrencies and must have completed an indirect transaction via Melania’s side.

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