By
Temitope Olatunji
May 9th, 2024
An interesting aspect of this art collectible by Melania Trump is that investors will have a surprise to look forward to.
Not long after getting embroiled in a wash trading controversy related to Melaniatrump, her NFT collection built on the Solana (SOL) blockchain, the former first lady is back in news. Melania Trump took to Twitter on Thursday to announce the launch of a new NFT collection comprising digital artwork representing the work of her husband and former President Donald Trump. The news comes as a surprise to many due to the fact that the former President was an open critic of the cryptocurrency industry.
About the POTUS NFT Collection
According to the Twitter post, the collection, slated for release on Presidents Day i.e., 21st February, will consist of 10 pieces of digital art having about 500-1750 editions. A total of 10,000 NFTs will be available for purchase, and each will cost $50. These digital pieces would represent various iconic moments during Donald Trump’s administration such as his Fourth of July visit to Mount Rushmore and the Christmas time at the White House.
An interesting aspect of this art collectible is that investors will have a surprise to look forward to as they would be able to view the artwork only after it is purchased. While the former first lady gave the creative direction to the team for creating the artwork, the collection was built on the Solana blockchain with the conservative social network Parler powering the platform. You can find the collection on sale on USAmemorabilia.com come this Monday.
Melania Trump Jumping on the NFT bandwagon
This is not the first time the former POTUS’ wife has tried her hands at the latest crypto fad, NFTs. Due to the exploding popularity of NFTs in 2021 with its sales amounting to $24.9 billion (as per DappRadar reports), everyone has been trying to cash in on the trend. Debuting with the Melania Trump NFT in December 2021, the former POTUS’ wife soon found herself in a controversy with respect to the sale of the “Head of State” collection, a digital art depicting Melania Trump’s first official state visit in 2018. She promised to use a part of the proceeds towards supporting children in the foster care community.
Why Is Wash Trading Detrimental to the NFT Community?
In simple terms, NFTs also known as “non-fungible tokens”, represent a unit of data stored on a blockchain that is open for buying and selling on the NFT market. With respect to Melania Trump, the different NFTs that the 51-year-old has created comprise the artwork of her eyes, a water painting depicting Melania wearing a white hat and an audio piece of her voice. As per the Bloomberg report, it was the former first lady herself who made the purchase. If this stands true, then Melania Trump will be charged with wash trading. Wash traders influence the price of NFTs by being both the seller and buyer of an NFT piece. This kind of market manipulation makes the NFT seem more valuable than it is in reality, thus leading to an increase in its price.