Melania Trump’s auction items fail to bring desired price

At the auction the three items – a custom wide-brimmed white hat worn by Trump during an official visit to the White House, a watercolor of Trump wearing the hat, and a non-fungible token (NFT) of the artwork animatedly — ended Wednesday night, it appears there were only five total bids on the auction items, each around the minimum requirement of 1,800 Solana tokens, the selected cryptocurrency by Trump as the only method of payment for interested buyers.

Although the minimum requirement for the Solana Notes was met, the $250,000 threshold was not met because over the past two weeks, almost the entirety of the auction, the crypto market plunged massively. , with the values ​​of various currencies falling by 20, 30 or even 40%, as was the case with Solana (SOL.)

Due to lack of interest in Trump’s items, an inflated opening bid amount, and a plummeting market, the “Head of State Collection” – as Trump has dubbed it – seems s sold for around $170,000, $80,000 less than expected. opening offer. CNN reached out to Trump’s spokesperson for comment on the auction.

The lower price and handful of offers is an example of the fluctuating world of cryptocurrency, which can be extremely lucrative but is ultimately at the mercy of an unregulated market. Bitcoin, perhaps the most recognized cryptocurrency, fell more than 20% in this month’s crypto crash, signaling that even established forms of money are prone to volatility.

Trump’s foray into NFT sales began in December when the former first lady announced she was selling digital artwork of her eyes for $150 each. As with the last auction, Trump’s website says a portion of the proceeds from sales will go to a charity to help foster children.

Numerous CNN inquiries to Trump’s office asking for clarification on the exact serving went unanswered.

Comments are closed.