Diary (February 17, 2022)
Online diary of Karl Jones for Wednesday February 17, 2022.
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Diary
Melania Trump NFTs
Money That Won Melania Trump NFT Came From Melania Trump Wallet
The former first lady began an auction in January for a collection of NFTs on the Solana blockchain, including digital artwork of a hat that she wore.
The process is known as wash trading. Earlier this month, a Chainalysis report showed that NFT wash traders made as much as $8.9 million in profit in 2021.
Wash trading is prohibited in conventional securities and futures. But NFTs are traded in an unregulated market and, as a new asset class, have not been designated as securities. It’s unclear if the value of the Trump NFT was inflated by the movement of money through the wallets.
- Money That Won Melania Trump NFT Came From Melania Trump Wallet @ Bloomberg.com (16 February 2022)