The NFT creators behind Melania Trump's auction were reportedly the ones who won the bid, according to the latest report. The transaction which reached 1,800 SOL took place three ways ago.
Winning Bid on Melania Trump's NFT Auction
According to the latest report, the winners behind Melania Trump's NFT bid were the creators of the project themselves.
According to an early report by Vice's Motherboard with the help of a researcher, the NFT creator who launched the project was also the one who won Melania Trump's NFT collection.
"The nature of Blockchain protocol is entirely transparent. Accordingly, the public can view each transaction on the Blockchain. The transaction was facilitated on behalf of a third-party buyer," the office of the former first lady wrote in a statement.
As for Trump's auction, it was initially announced last month that she would put "The Head of State Collection" for sale.
The package for this set includes three items. Most notably, the hat that she wore during his 2018 visit to France was there, besides the digital of her wearing her white hat.
As for the proceeds, Melania mentioned that the sales for her collection will be directed to the "Fostering the Future" for the children. This would help the youngsters to use their resources and learn new knowledge in the field of computer science and other areas.
Related Article: Melania Trump Sells NFT on her Own Platform
Did Wash Trading Occur on Melania's NFT Bid?
In a separate report from Bloomberg via Rolling Stone, there's no clear explanation if the value of Trump's NFT has undergone wash trading.
According to Tech Times earlier this month, wash trading refers to a transaction that is conducted to boost the rarity of the placed item in an auction. Having said that, it was done to inflate the current price of the collectible.
Decades ago, it was considered legal, but now the price manipulation only got worse. It immediately became illegal in the end after the traders engaged in shady deals in the blockchain space.
Avoiding the Wash Trading Incidents
Suspicious transactions in the NFT space are rampant and investors have to be careful when dealing with other people on the platform. As such, the cases of wash trading still persist despite the presence of the regulations.
To avoid wash trading, Sofi recommends investors be aware of the securities that they are purchasing. They should also be mindful of the time frame of the transactions that they made.
Moreover, there's also a 30-day rule to time the incidents. This 30-day period applies before the NFT sale, as well as after the bid.
In layman's terms, you can simply steer away from wash trading by waiting 61 days for the replacement of your assets. This period is considered "safe" on your end.
Indeed, wash trading is highly illegal and you need to avoid it at all costs. Researching more about its examples will also help you to stay out of trouble.
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This article is owned by Tech Times
Written by Joseph Henry
