Melania Trump has denied buying her own NFT though the winning price in the auction appeared to come from the project's founders, according to an inquiry.
An examination indicated that the cryptocurrency used to acquire the NFT originated from a wallet belonging to the business that first put the token up for sale, according to a sequence of blockchain transactions.
Melania Trump Accused of Placing Winning Bid in Her NFT Platform
The auction of Melania Trump's "Head of State Collection 2022" was held on the Solana blockchain, a cryptocurrency. The magazine discovered transactional linkages on the Solana blockchain between Trump or her team and the winning offer.
The winning price was 1,800 SOL, which is around $185,000 in today's money. NFTs (non-fungible tokens) are one-of-a-kind digital tokens that are used to symbolize ownership of objects like art, collectibles, and music.
Trump released an NFT in January that featured a digital artwork of a white hat that she wore on a state visit in 2019. The address of the wallet that won the bid, as well as the bid history, was published on Trump's website in the same month.
This allowed crypto specialists to track out the source of the money using blockchain transactions. The transaction did not come from the former first lady's office, according to her.
Late last year, the former first lady entered the realm of non-fungible tokens with the introduction of her digital asset "Melania's Vision," which was only accessible for a short time. According to a news release at the time, the NFT was a digital artwork that "embodies Mrs. Trump's crystal blue eyes, presenting the collector with an amulet to inspire."
Her office indicated at the time that she expected to distribute further NFTs on the Parler-powered platform at "regular intervals." The tokens would be auctioned off in a one-of-a-kind historical auction in January 2022, with three elements: digital artwork, physical artwork, and a physical one-of-a-kind accessory, according to Newsweek via MSN.
Former First Lady Unveils New Line of NTFs
Melania Trump is releasing a new line of digital art in the form of non-fungible tokens (NFTs), this time celebrating 'iconic' moments during her husband's presidency. On Thursday, the 'POTUS NFT Collection' was introduced by the former first lady.
Former President Donald Trump's Fourth of July visit to Mount Rushmore in 2020, Christmas at the White House, and Air Force One will all be commemorated in the new collection. A total of 10,000 products, each with a distinctive design, will be sold for $50 a piece. If they all sell, that'll be a nice half-million bucks. Buyers, on the other hand, won't know what they're receiving until they've paid for it.
She developed a website and a series of auctions last year to sell digital content that was linked to the Blockchain, allowing the buyer to be identified as the owner of a piece of art. Last month, her website announced that a bid of $170,000 had won her first offering in the Head of State Collection, 2022 - a package that comprised a hat worn by the French president on his state visit to the White House in 2018, a watercolor of her wearing it, and an NFT of the painting.
It was purchased with 1800 SOL, a cryptocurrency. Because of the price drop, the transaction fell nearly $80,000 shy of the target. The address of the wallet that came up with the winning offer was disclosed on Trump's website, allowing internet specialists to leverage the openness of Blockchain transactions to track out where the cash originated from.
The address that made the offer had previously been paid to the tune of 1800 SOL from another address, which in turn was funded by an address that traced back to the developer of the NFT, according to MotherBoard's investigation.
The NFT founder then returned 1800 SOL to the middleman after the sale. One cause might be that the customer did not utilize cryptocurrencies and instead paid in dollars, which had to be converted into SOL. Another possibility is that it was an attempt to keep the price stable when there was no demand, Daily Mail reported.
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