Cryptocurrency investors are facing a difficult time during the bear market as Bitcoin and other cryptos plunged to their lowest prices. Aside from these coins, the non-fungible tokens or NFTs are also affected by this crash.
Former first lady Melania Trump is the latest victim of the crypto winter after her hat auction struggled to keep up with the volatility of the tokens.
Melania Trump's NFT Auction Amid Crypto Plunge
Melania Trump's famous hat that she wore when she welcomed French President Emmanual Macron in 2018 has been turned into an NFT. According to a report by The New York Times, the trending online auction features a prestigious hat that the first lady donned during the special occasion.
At the start of the bidding, the minimum amount for the auction hit nearly $250,000 earlier this month. However, the bids can only accept crypto payments through the Solana (SOL) blockchain. At that time, the trading price for the token was $170 per piece.
Following another dramatic decline of cryptos in the market, investors have to brace for the bearish cycle this time. There has been a huge valuation decrease which hit even the most popular cryptocurrencies, such as Bitcoin and Ethereum.
On Tuesday, Jan. 25, the value of SOL during the online auction only sat at about $95.
On the evening of the said date, the highest bid in Trump's auction only reached $170,000 as the dollar values struggled to keep up with the volatility of the market.
The conclusion of the hat auction was scheduled to take place on Wednesday, Jan. 26, at 2:59 AM. Still, the winning bid could surpass the target value of dollars that Trump had set. However, it would begin from a low bid amount during the opening.
According to Melania, a "part" of this auction will be directed to the institutions that will help children develop their skills where they would learn more about computer science and other technological applications.
Trump did not mention the exact amount that she will take from the auction bid.
This was not the first time that Melania held an NFT auction. Last month, she spearheaded a sale that includes "Melani's Vision," a digital watercolor art of her eyes. The limited artwork which was created by Marc-Antoine Coulon was sold for $150 each.
Related Article: Melania Trump Sells NFT on her Own Platform
What's Inside Head of State Collection 2022
According to Trump's official site, the Head of State Collection will feature three signed collectibles for NFT buyers. These are:
White Broad-Brimmed, High Blocked Crown Hat, worn and signed by Melania Trump (Herve Pierre, 2018)
Watercolor on Paper, signed by Melania Trump and Marc-Antoine Coulon (Coulon, 2021)
Digital Artwork NFT with Motion, signed by Melania Trump and Marc-Antoine Coulon (2021)
Additionally, there will be a personal letter from Melania as proof of the bidder's authorship for the collection. This would be minted permanently on Solana.
NFT Memorabilia Takes the Spotlight
Recently, The Guardian reported that one of John Lennon's sons auctioned limited-edition Beatles memorabilia. The collection includes Paul McCartney's notes for "Hey Jude," outfits, and guitars.
According to the story, the starting bid for the buyers will be $30,000. The note also comes with Julian Lennon's exclusive audio narration. A part of the proceeds will go to the White Feather Foundation of the auctioneer.
In July 2021, another memorabilia was sold for more than $5 million. The popular source code of Sir Tim Berners-Lee became an official NFT last year, per Tech Times.
For NFT transactions, you can check our latest report about the best NFT marketplaces that you can choose other than OpenSea.
Read Also: YouTube CEO Hints Potential NFTs to Come to Platform | Monetizing to a Whole New Level
This article is owned by Tech Times
Written by Joseph Henry
