Former First Lady Melania Trump announced a new business venture today that involves cryptocurrency, but the plan is already being blasted online as little more than an opportunity for her to make money on an extremely risky plan.
According to Bloomberg, Mrs. Trump will be issuing what are known as “non-fungible tokens” (NFTs):
The former first lady’s first NFT, called Melania’s Vision, will include watercolor art that “embodies Mrs. Trump’s cobalt blue eyes, providing the collector with an amulet to inspire,” according to an emailed statement. It will be available from Dec. 16 to Dec. 31 for one SOL, a cryptocurrency that runs on the Solana blockchain, currently priced at $187.
Excited for this new venture, which combines my passion for art and commitment to helping our Nation’s children fulfill their own unique American Dream. #MelaniaNFT https://t.co/XJN18tMllg pic.twitter.com/wMpmDDsQdp
— MELANIA TRUMP (@MELANIATRUMP) December 16, 2021
NFTs have become the latest hot (and often risky) attempt by well-known celebrities to cash in on the increasing demand for cryptocurrencies, which are highly volatile and not currently regulated the way banks and the stock market are:
Trump is venturing into the world of NFTs as the digital collectibles increasingly move into the mainstream, with stars like Justin Bieber and K-pop group BTS also entering the market. Others such as Lindsay Lohan have been in on the action for months. The tokens, which combine the world of cryptocurrencies and blockchain with the realm of creative pursuits, are fodder for both retail traders and professional investors anticipating a metaverse where NFTs play a crucial role.
While some series of NFTs like CryptoPunks and the Bored Ape Yacht Club are selling for thousands or even millions of dollars, other tokens command much lower sums, and their prices are notoriously volatile. And the complexities of the real world are already bleeding into the digital realm.
While Melania claims a portion of the profits (not yet specified) will be used to fund her Be Best initiative she put in place while still in the White House, it remains to be seen exactly how the money will be allocated.
It didn’t take long for social media to accuse Mrs. Trump of hoping to bilk people out of their money to enrich herself:
But perhaps the more relevant question is this: Did Donald cut off Mel’s allowance?