Recently, an NFT linked to Melania Trump, former First Lady of the US, was purchased for 180,000 SOL, which was about $170,000 at the time of closing the deal.
This unique digital asset features a striking white hat that Melania donned during the state visit of French President Macron to Washington.
Intriguingly, blockchain records suggest that the entity purchasing the NFT turned out to be its own creator.
A Strange Trump Tale
Back in December 2021, Melania stepped into the realm of cryptocurrencies, earning the title “crypto queen” upon the revelation of her NFT venture.
The announcement was seen as her significant leap into the world of digital currencies, as she disclosed plans to sell art-inspired NFTs on the Solana blockchain.
Hints were dropped about future releases following the debut of her collection 'Melania’s Vision'.
The launch introduced NFTs showcasing her eyes, each priced at 1 SOL, with all the proceeds planned for charitable initiatives under her endorsement.
Who’s Joining the NFT Bandwagon? Virtually Everyone!
Melania appears to be earnest about fulfilling those promises.
As January 2022 came to a close, she announced a fresh collection titled 'Head of State Collection, 2022', showcasing her iconic white hat from the 2018 reception for French President Emmanuel Macron at the White House.
In an official release about the NFT auction, Melania’s team stated that a purchase offer for up to 1,800 SOL, valued at $250,000 at the time, was extended, with the charity-focused proceeds aimed at helping children.
The auction proceeded without a hitch, wrapping up with a final sale of 1,800 SOL. However, due to cryptocurrency market fluctuations in mid-January, this equated to only $170,000 USD in cash value.
Yet, recent revelations suggest a twist that seems too perfect. A series of transactions on the Solana blockchain shows that the buyer of Melania's NFT is most likely also the seller.
Washing The Tape?
Previously, Melania had outlined her NFT ambitions, presenting it as a fusion of her artistic interests and her support for children to achieve their own version of the American Dream.
Here's how the transactions unfolded: an initiating wallet address transferred 372,657.64 USDC to a middle address, converting part of these funds to 1,816.08 SOL via the DEX Raydium.
Subsequently, that middle address forwarded 1,800 SOL to another address, which was also the highest bidder in the auction. Then, the initiating wallet got 1,800 SOL back and used Raydium to switch it back to USDC.
Only by scrutinizing the transaction flow did observers realize the surprising fact—the buyer of the NFT, in this case, was actually its seller.
Melania’s team remains steadfast in their trust for blockchain’s transparency:
“The Blockchain protocol’s design ensures transparency, allowing the public to view every transaction. The transactions were executed on behalf of a third-party purchaser.”
Nevertheless, the question lingers if Melania Trump's NFT was part of a wash trade, despite blockchain being synonymous with transparency and credibility.
This isn't the first time skepticism has surrounded the true worth of NFT endeavors.
Bored Ape Yacht Club (BAYC), famously, has been accused of compensating celebrities to purchase their NFTs or gifting them to create buzz and inflate values.
No additional remarks have surfaced from Melania Trump's camp regarding this recent unfolding of events.
One possible theory is that the purchaser used conventional currency instead of crypto, executing the transaction indirectly through Melania’s camp.
