As SOL Crashes, Melania Trump’s NFT Sale Ends in Tears
Non-fungible tokens (NFTs) are distinct and non-transferable units of data stored on a digital ledger or blockchains, the same technology that underpins cryptocurrencies such as Bitcoin. They’ve grown in popularity recently, thanks in part to viral cryptocurrency hits like Dogecoin and Bitcoin.
At the time of publication, ‘Melania’s Vision’ by French artist Marc-Antoine Coulon is worth about $185.
Trump’s first sale is set to end on December 31, one minute before midnight on New Year’s Eve.
Melania had a successful modeling career before becoming the first lady, and she was known for her piercing blue eyes.
Melania Trump’s journey has been eye-opening, taking her from Slovenia to Europe and finally to the United States of America, serving as First Lady.
Melania Trump’s NFTs collection has just not fared as well as she had hoped. She would auction off three things: a white hat she decided to wear to France in 2018, a watercolor portrait of her wearing a hat, and an exclusive virtual artistic NFT with movement.
Having opened bids for “The Head of State Collection” has been set at the cash amount of $250,000, and bids have only been approved in SOL, the Solana blockchain’s local token.
Sadly for Trump, just five offers have now been made just above the base price of 1,800 SOL — and a sharp fall in the value of SOL implies she would only end up receiving $163,800 at today’s costs.
Trump raised some eyebrows when Melania announced that a part of the proceeds from the sale would be used to start educating disadvantaged children — but she didn’t mention how much she intends to keep. Following a bit of bad luck caused by the latest cryptocurrency collision, Trump is faced with a decision: hold on to SOL in the optimism that it will begin to appreciate once more, or snip her damages and sell.
According to CoinMarketCap, SOL is currently trading at $92.19, bottom 65 percent from across all peaks of $260 established on Nov. 6.
Solana has just been dubbed an Ethereum killer, and the project bills itself as among one of the world’s best blockchains.
The proposal asserts to settle transfers much more quickly and at a lower cost, making it more suitable for NFT brokers and DeFi degens.
But there was a catch: SOL has dropped 32.89 percent in the last seven days, much more than the other ten leading cryptocurrencies.
If some of these failures can be credited to mass sell-offs, Solana has also been dealing with yet more major broadcast outages, undermining trust in the proposal.
