INSUBCONTINENT EXCLUSIVE:
Melania Trump began an auction in January for a collection of NFTs on the Solana blockchain.The source of funds for the winning bid in
Melania Trump's first NFT auction appears to be the creators of the project themselves.A series of blockchain transactions show that the
cryptocurrency used to purchase Trump's nonfungible token came from a wallet that belongs to the entity that originally listed the project
The former first lady began an auction in January for a collection of NFTs on the Solana blockchain, with art from her first official state
visit in 2018.Trump listed the winner of the auction on her website, along with the bid history that shows the NFT sold for 1,800 SOL (now
worth about $185,000) three weeks ago
23, the digital wallet listed as the creator of Trump's NFT transferred 372,657 USDC, a stablecoin pegged to the U.S
dollar, to a second wallet that later sent 1,800 SOL to a third address
That third one is listed as the winner of the auction on Trump's website.On January 27, the original wallet sent 1,800 SOL back to the
second wallet address, according to blockchain transactions
Accordingly, the public can view each transaction on the Blockchain
ledger for anyone to see, and analyzing transactions from start to finish can provide insight into the movement of money
The process is known as wash trading
Earlier this month, a Chainalysis report showed that NFT wash traders made as much as $8.9 million in profit in 2021.Wash trading is
prohibited in conventional securities and futures
But NFTs are traded in an unregulated market and, as a new asset class, have not been designated as securities
It's unclear if the value of the Trump NFT was inflated by the movement of money through the wallets.Trump last year became the latest
celebrity to try to cash in on the craze for NFTs, as digital collectibles increasingly moved into the mainstream
The tokens, which combine the world of cryptocurrencies and blockchain with the realm of creative pursuits, are fodder for both retail
hat that Trump wore at the state visit, signed by her
It also included a watercolor painting of the former first lady and a digital artwork NFT with motion visuals.
