Melania bought her own NFT and taught me about wash trading.

Melania Trump has an NFT collection, so why don’t you have one?

So apparently Melania Trump bought her own NFT at her own NFT auction for $170k.

Welcome to the wild, crazy world of Crypto.

Wait, I didn’t even know Melania Trump had her own NFT marketplace!

“In December the former first lady launched her own NFT platform named Melaniatrump on the Solana (SOL) blockchain. She launched the platform with her first NFT a self-portrait titled Melania’s Vision.

Following the sale of Melania’s Vision, the platform hosted the sale of the Head of State Collection, 2022 NFT. It is an NFT from the Head of State Collection that Melania Trump has reportedly purchased for $170,000.”

Gulp.

So turns out no one wanted her digital portrait and she had to buy it herself to prevent embarrassment.

Perhaps.

No one really knows.

That is the other side of crypto and blockchain, where things may not seem what it really is.

So apparently the address (A) that minted the Melania Trump NFT paid to another address (B).

That address (B) then sent the bid amount to the third address (C), which then purchased the NFT.

Wicked.

They thought people weren’t looking.

But the blockchain stores everything.

Everything.

That is what we call wash trading.

What is wash trading?

“When a trader intentionally buys and sells an NFT or say, a security for the purpose of feeding the market false information, it is known as wash trading.”

A study found that nearly 80% of the transactions on LooksRare (a popular NFT marketplace) were washed trades.

Why wash trade?

So you can pump the floor price of your NFTs and make it seems way more valuable than it really is.

You can artificially create value and signal strong market demand when there is none.

Behind the closed doors and dark alleys of the crypto world, shrouded in anonymity and encryption, it can be easy to manipulate things.

So be really, really careful.

Then again, it could really be a situation where an anonymous bidder made private arrangements and wanted Melania to buy the NFT on his or her behalf.

Who knows, it could be anything.

The world of crypto is evolving so quickly.

I am glad to surf the waves and learn more as the landscape unfolds beneath my feet.

Remember, the crypto world is like what Optimus Prime said about humanity: “more than meets the eye”

-

#startups #business #startupx #growth #success #socialmedia #culture #entrepreneurship #strategy #melaniatrump #trump #nft #washtrading #demandsupply #melaniaNFT #opensea #solana #blockchain #digital

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Durwin Ho

CEO of StartupX | Web3.0, Crypto, DeFi, NFT Enthusiast |HyperX Sustainability Hackcelerator | Startup Weekend Singapore.