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Melania Trump will release the NFTs “periodically,” with some revenue aimed at foster children, according to a news release.
In exchange for a cryptocurrency token, you can own a digital watercolor in Melania Trump’s eyes.
The former first lady of the United States began selling NFTs or non-fungal tokens this week on her website in exchange for Solana tokens, which currently cost about $ 180.
Melania Trump will publish NFTs “regularly” on her website, according to a news release, with a portion of the proceeds going to foster children. It is unclear what percentage of the income will be donated, or whether donations will be donated to specific charities related to foster children. Melania Trump’s press contacts did not respond to an email inquiry about how the donations would be structured.
Aaron Dorfman, chairman and chief executive officer of the National Philanthropic Response Commission, says that when a company says “part of the profit” will go to charity without stating the exact amount, “it’s a huge red flag.”
“It means charity is not a serious part of their plan,” Dorfman said. “It’s a marketing strategy.”
The Trump family has a troubled history with charities, even though Melania Trump was not directly involved in a charity run by her family in New York City.
While President of the United States, Donald Trump was fined $ 2 million after the court ruled that he had used his charitable foundation as a personal pig box. The fine was ordered to be distributed among eight charities.
The Donald J Trump Foundation was disbanded.
In addition, Trump accepted the restrictions if he created a new charity or foundation, and New York State required mandatory training for his children, Donald Trump Jr., Ivanka Trump, and Eric Trump, all of whom participated with the Trump Foundation.
Non-fungible tokens are essentially digital certificates of authenticity that can be attached to art, music, or any other type of digital file. NFTs confirm ownership of an item by recording the details in a digital book known as a blockchain, which is public and stored on computers all over the Internet, making it impossible to lose or destroy.
An NFT by an artist known as Beeple sold nearly $ 70 million earlier this year. It sparked a growing interest in digital technology over the years, turning the blockchain into a household word thanks to the madness of Bitcoin. Digital cat characters were being sold in six-figure amounts since 2017 and you can now buy digital NFT digital LeBron James basketballs for a couple of dollars to a quarter of a million.
Although they are often raised as fun hobbies like collectors, because their values change, many consider NFTs as an investment. Like cryptocurrencies, they are largely unregulated, and many experts warn you about putting money into them.
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