CryptocurrencyNewsNFT

Melania Trump Has Sold Her NFT For $170K

Melania (the spouse of the former president of the United States named Donald Trump) – famous for having a pro-crypto viewpoint – has traded one among several NFTs thereof. Nonetheless, the blockchain data brings out that the respective token got sold to the creators of the assets instead of the purchasers. The NFT seems to be included in the Head of State Collection, 2022, as specified by the presently available information.

Melania’s peculiar transaction

For the NFT collection to be minted, the platform of Solana blockchain was utilized. People appear to be interested in it, according to the reports of the New York Times, as a valuation of up to $170,000 (nearly 1800 SOL) was made by the auction of the respective NFT collection. It has been indicated by the blockchain data that almost $473,000 valuation in the stablecoin called USDC was sent to another address responsible for converting a proportion of the amount into 1816 units of Solana.

It was additionally provided to another account that got a victory in the auction subsequently. The earliest venture of Melania into the world of crypto was not the respective NFT transaction. Her initial NFT contained her eyes’ digital watercolor image. The present endeavors of Melania are backed by Donald Trump, who formerly criticized Bitcoin as well as the entire industry of cryptocurrency to a great extent.

📰 Also read:  Stopping the Central Bank Digital Currency: A Presidential Commitment by Donald Trump

Wash trading and NFTs

In the sector of cryptocurrency, the operations of Melania are usually considered wash trading. It is an activity where a trader purposefully sells and purchases any NFT. It can be called security to feed the market with wrong information. There are some examples where the brokers and traders conspire to perform wash trading, however, in the rest of the cases the investors play the part of both sellers as well as the buyers of the NFT.

Taxpayers are not in a position to deduct losses out from such wash trades as this subject is illegitimate in the law of the United States. There is a requirement that the purchaser as well as the sellers ought to be the same to organize wash trading. The wash traders utilize wallets to accomplish the transaction and make a fool of the public, showing that the product is highly demanded. a recently published report points out that nearly $9M was earned by wash traders during 2021.

📰 Also read:  Price Analysis February 13th, 2025 - BTC, SUI, SOL, ETH, and XRP

At Tokenhell, we help over 5,000 crypto companies amplify their content reach—and you can join them! For inquiries, reach out to us at info@tokenhell.com. Please remember, cryptocurrencies are highly volatile assets. Always conduct thorough research before making any investment decisions. Some content on this website, including posts under Crypto Cable, Sponsored Articles, and Press Releases, is provided by guest contributors or paid sponsors. The views expressed in these posts do not necessarily represent the opinions of Tokenhell. We are not responsible for the accuracy, quality, or reliability of any third-party content, advertisements, products, or banners featured on this site. For more details, please review our full terms and conditions / disclaimer.

📰 Also read:  What is the Altcoin Season Index? A Beginner’s Guide

Mubashar Nawaz (United Arab Emirates)

Mubashar Nawaz is an experienced crypto writer working for Tokenhell. Having passion for writing, he covers news articles from blockchain to cryptocurrency.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
Close
Skip to content