Melania Trump suffered an $80,000 loss on her online hat auction after the sale coincided with a crash in the cryptocurrency market.
The former first lady auctioned off the “iconic” white hat she wore in 2018 when she and then-President Donald Trump held their first state visit to the White House.
The wide-brimmed white hat, which was part of his ‘head of state’ auction, had an asking price of $250,000 – but Melania Trump wanted to be paid in the Solana blockchain cryptocurrency called SOL, which was then trading at a price of around $170 per token.
But SOL has been nosediving since Trump released his auction in early January. As the auction ended early Wednesday, each SOL token was worth around $95.
There were only five bids that were made on Tuesday night, The New York Times reported, with the top bid coming in at a cash equivalent of $170,000.
Trump might hold on to the cryptocurrency in hopes that its value will increase. But she also runs the risk that he will decline even further.
In addition to the wide-brimmed white hat worn by Melania to welcome French President Emmanuel Macron and his wife Brigitte to the White House in April 2018, the auction also included a Coulon watercolor of the former First Lady wearing the accessory. , as well as a mobile digital NFT version of the work.
Non-fungible tokens – or NFTs – are unique, non-interchangeable units of data stored on a digital ledger or blockchain, the same technology behind cryptocurrencies like Bitcoin and Ethereum. They have grown in popularity lately, especially with the rise of cryptocurrency hits like Dogecoin and Bitcoin.
Melania Trump auctioned off the wide-brimmed white hat she wore when she and her husband staged their first state visit to the White House in April 2018 – but her tally was $80,000 below the asking price .
Melania Trump wanted to be paid in the Solana blockchain cryptocurrency called SOL, which took a nose dive in value
Melania also sold a portrait of herself wearing the hat, as well as a digital non-fungible (NFT) version of the painting as part of the auction, which started at $250,000 and ended at around $170,000.
A portion of the proceeds from the sale will be donated to children living in the foster care system, to provide them with “access to computer and technology education”, his office said.
But Melania Trump’s office did not respond to repeated inquiries from DailyMail.com about what share of the profits went to charity and to which charity.
The watercolor portrait of Melania (pictured) and digital artwork were painted by French artist Marc-Antoine Coulon – the same man who created his first NFT last month
Announcing the auction via her official office, Melania reiterated the significance of the Macrons’ visit to the White House, while detailing the “great consideration” that went into planning her ensemble for the occasion, which saw her pair the wide-brimmed hat with a white skirt suit designed by Michael Kors.
‘Mrs. Trump has recognized this important moment for the country and, therefore, great attention has been given to the planning,’ a statement on his website explained.
“With a nod to French culture, Mrs. Trump commissioned French-American designer Hervé Pierre to create this one-of-a-kind white hat.
‘Sir. Pierre used the same fabric as Mrs. Trump’s white Michael Kors suit and constructed the piece in New York. Mrs. Trump wore a pair of Christian Louboutin stilettos in blue denim, white trim and red sole, symbolic of her country’s flag.
‘Mrs. Trump came up with a very strong and modern hat with a wide brim that perfectly matched the Michael Kors suit.
The hat was designed by milliner Hervé Pierre with input from Melania, who “imagined a very strong, modern piece” with a “wide brim” to match the Michael Kors suit she wore for the tour
Melania Trump and Donald Trump at the White House on April 24, 2018 to greet Emmanuel Macron, President of France, and Brigitte Macron, First Lady of France, on their first state visit
While announcing the auction on her website, Melania detailed the “great consideration” that went into planning her ensemble for Emmanuel and Brigitte Macron’s 2018 state visit.
“The elegant hat, without ornate decoration, spoke loudly of Mrs. Trump’s admiration for millinery design and superior craftsmanship. This one-of-a-kind hat was constructed from the same white crepe textile as the costume and made in New York City.
Melania’s latest auction launch comes less than a month after she announced the sale of her first-ever NFT: a digital watercolor of her eyes, complete with an audio message detailing her “vision”.
“My vision is this: Look to the future with inspiration, strength and courage,” she said in the brief recording.
Titled “Melania’s Vision”, the digital painting – signed by Melania and Coulon – was originally priced at around $185 and sold for $150.