Melania Trump Is Back in the News With New POTUS NFT Collection

NFT market activity continues to grab the news headlines, amidst an increase in NFT and Metaverse related trademark applications. As mainstreamers continue to move to digital assets and the Metaverse, regulatory scrutiny has also been on the rise this year.

Mainstream Players Going NFT

A busy 2022 has seen a number of big names enter the NFT space. Names come from a range of sectors including music, fashion, fast-food, and even the financial sector.

Just this week, we reported news of the New York Stock Exchange filing NFT and Metaverse related trademark applications. The NYSE followed in the footsteps of major players including McDonald’s, Victoria’s Secret, Nike, Adidas, and major fashion houses including Gucci, Louis Vuitton, and Prada.

Interest in the Metaverse has also surged, with JPMorgan projecting a $1tn Metaverse as big names explore opportunities that the Metaverse can offer. Along with the big names that have entered the NFT space, former First Lady Melania Trump has also been active.

The Trumps and Digital Assets

In spite of Donald Trump’s anti-crypto chatter during his presidency, Melania Trump has taken to the crypto stage. Back in December, Melania Trump launched the NFT platform Melaniatrump on the Solana (SOL) blockchain.

The former first lady commemorated the launch with her first NFT, which was a self-portrait titled “Melania’s Vision”. Following the “Melania’s Vision” sale, Trump then hosted the Head of State, Collection NFT sale.

According to the Melaniatrump marketplace, the collection commemorated the Trump Administration’s first official state visit. The auction ended on 25^th January 2022 in controversy, with reports of Melania Trump winning her own NFT auction leading accusations of wash trading. The auction came amidst a reported increase in wash trading activity in the NFT marketplace. In the United States, the Commodity Exchange Act prohibited wash trading back in the 1930s.

Wash traders manipulate the price of NFTs by being on both sides of a trade. By repeatedly selling and buying the NFT, the market then perceives the NFT to be in high demand thus pushing the price up.

Moving on from the Head of State, Collection NFT sale, Melania Trump was back in the news this week.

POTUS NFT Collection to Go on Sale

In recognition of President’s Day, Melania Trump tweeted the release of another NFT collection sale. Titled “POTUS NFT Collection”, the collection captures key moments of the Trump Administration’s first term.

Official POTUS TRUMP NFT Collection // Launching Presidents Day pic.twitter.com/fHht5vQesL

— MELANIA TRUMP (@MELANIATRUMP) February 17, 2022

 

According to the Trump tweet, the collection will consist of 10 original pieces of digital artwork. Iconic moments will include the 4^th July visit to Mt Rushmore and Christmas at the White House. The limited-edition collection comprises of 10,000 NFTs, each with a $50 price tag.

Following last month’s controversy, the NFT market will be watching closely to see who successfully bids for the NFTs. As pointed out by the former first lady, “collectors can make multiple purchases to own the entire POTUS TRUMP collection”.

The sale begins on 21^st February, President’s Day.