The batch of three items put up for auction earlier this month by former first lady of the United States Melania Trump did not reach the desired amount of $250,000 for an initial bid.
The three items were a custom wide-brimmed white hat worn by Donald Trump during an official visit to the White House, a watercolor of the former president wearing the hat, and a non-fungible token (NFT) from the animated illustration.
When the auction ended Wednesday night, there appeared to have been only five total bids on the items, each around the minimum value of 1,800 Solana tokens, the cryptocurrency Trump selected as the only way for interested buyers to pay.
While the minimum ticket requirement on Solana has sold out, the first bid amount of $250,000 has not been met as over the past two weeks the cryptocurrency market has plunged into a massive drop, with values ​​of various currencies dropping 20, 30 or even 40% — as was the case with the Solana coin (SOL.)
As a result of a lack of interest in Trump’s items, an inflated starting bid value, and a slumping market, the “Head of State Collection” — as Trump christened his lot — sold for about $170,000, a $170,000 value. $80,000 lower than expected for the opening bid. THE CNN contacted Trump’s spokesman for comment on the auction.
The lower-than-expected price is an example of the fluctuating world of cryptocurrencies, which can be hugely profitable but ultimately lie at the heart of an unregulated market. Bitcoin, the most recognized cryptocurrency, has dropped more than 20% during this month’s crypto crash, signaling that even the most established forms of currency are subject to volatility.
Trump’s interest in NFT sales began in December, when the former first lady announced she was selling a piece of digital art with her eyes for $150 each. As with the last auction, Trump’s website says that a portion of the proceeds from the sales will go to a charity to help children in need.
Several requests for clarification from CNN to Trump’s office about the exact auction values ​​remained unanswered.
Reference: CNN Brasil
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