Melania Trump latest celebrity to cash in on NFTs

History’s most reclusive First Lady, Melania Trump, is the latest public figure to enter the NFT market. In the future, the wife of ousted president Donald Trump will distribute NFTs on her website on a regular basis.

A digital watercolor painting of Melania’s eyes by Marc-Antoine Coulon will be available for purchase in exchange for a Solan token, a bitcoin worth around $180 (€160).

Non-fungible tokens, or NFTs, are essentially digital certificates of authenticity. They can have attachments to art, music, and any other digital file type. Rather than proving ownership of an item, NFTs record the items’ details on a public ledger known as a blockchain.  They store it on a number of computers across the internet, making them virtually impossible to lose or destroy.

Melania Trump
Melania Trump

NFTs: what’s all the fuss about?

The company is the latest high-profile entry into the field of NFTs, a once-niche technology trend that has proliferated across many industries.

In May, digital artist Beeple sold his work “EVERYDAYS: THE FIRST 5000 DAYS”, at Christie’s for $69 million (€61 million).

The digital phenomenon has also benefited celebrities like Grimes, Star Trek actor William Shatner, and NBA star LeBron James.

Meanwhile, Quentin Tarantino is in a legal battle with Miramax over his plans to make NFTs for his cult film, ‘Pulp Fiction.’

As well as wine and gambling, unique tokens have found their way into other industries.

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Concerns over Melania Trump charity’

As part of her plans, Ms. Trump said a portion of the proceeds would go to charities supporting foster children.

Nevertheless, Aaron Dorfman, president and CEO of the National Committee for Responsive Philanthropy, points out that “it’s very concerning” when a company says that “some of the proceeds will go to charity without specifying how much.”

According to Dorfman, this means that charity does not play a significant role in their plans. He describes it as a marketing ploy.

There is a history of controversy in the Trump family regarding charities. Despite Melania Trump does not have direct involvement in the New York-based charity run by the family.

Donald Trump pays a $2 million (€1.7 million) fine after admitting he was using his charitable foundation as a piggy bank while still in office. An order was issued distributing the fine amongst eight charities and dissolving the Trump Foundation.

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Furthermore, Donald Trump Jr., Ivanka Trump, and Eric Trump, all of whom are affiliated with the Trump Foundation, agreed to restrictions if they were to form a new foundation or charity. And New York State required that all three carry out mandatory training.