It was cringeworthy enough when the NFT sales bombed, but now it looks like she may have had to buy it herself to save face.
The transactions that ended up paying for the winning auction were linked to the wallet that listed the first lady's NFTs. The account that won the auction was sent from a wallet that had been used to send money from the account that listed Trump's NFTs for sale.
It is not uncommon in the space to swap one currency for another. The site noted that the buyer moved from the more stableUSD coin to the SOL currency.
The public can view each transaction because of the nature of the protocol, according to the statement.
Is that a valid excuse? It is difficult to say. The explanation that she or someone working for her bought her own NFT seems plausible.
The price of NFTs can be artificially raised by people buying and selling their own assets in a process known as wash trading.
Because of the weakly regulated nature of the NFTs and the blockchains they are sold on, that kind of sock puppetry is legal, even though in traditional securities and futures it is not.
The site noted that it was unaware of whether the wallet traced to Trump inflated the price of the NFT, though if it did, it would make the situation even worse, since it sold for the equivalent of $170,000.
In February, it was reported that wash trading inflation was to blame for many of the most expensive NFT sales.
There is a lot of activity going on between a couple of wallet, let's say wallet one sells wallet two and then wallet two resells it.
We don't know if this was the case with the former first lady. As her husband would say, though.
Money that won the election came from the wallet of Mrs. Trump.
There is evidence that a lot of NFT sales are fake.
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