Multiple outlets have reported that the winning bid of the former first lady’s “The Head of State Collection” auction was placed by the creators of the auction itself
in early January, was part of a three-item package, dubbed “The Head of State Collection.” The collection also included a hat the former first lady wore during a 2018 state visit to France, as well as an original watercolor.
Bloomberg News notes that it’s unclear if the price of Melania’s NFT was artificially raised through a process known as wash trading, or buying and selling one’s own asset in order to inflate its value. Wash trading is prohibited in conventional securities and futures, but NFTs are not securities and are traded in an unregulated market., she claimed “a portion” of the sales would go to Fostering the Future, which is part of her Be Best initiative.
. “This is ostensibly a quick moneymaker. It’s a classic Trump move, using their brand and their supporters to cash in.” Former President Donald Trump had called cryptocurrency a “scam against the dollar,” but once his wife got involved, suddenly claimed that it “epitomizes our American Spirit of ingenuity, creativity, and entrepreneurship.”
This post has been updated to note that Motherboard was the first to report on the origin of the winning auction bid.
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