What is an NFT? Here’s why digital art is taking over the internet.
It’s a new trend for the next generation of investors. But will non-fungible tokens stick around?
STAFF VIDEO, USA TODAY
Former first lady Melania Trump announced on Thursday that she will begin selling NFTs, or non-fungible tokens, becoming the latest personality to embrace the hot digital collectible trend.
“I am proud to announce my new NFT endeavor, which embodies my passion for the arts, and will support my ongoing commitment to children through my Be Best initiative,” she said in a Thursday statement shared on social media.
The former first lady confirmed in the statement that she is starting a platform that will “release NFTs in regular intervals.”
An NFT is a piece of data verifying that you have ownership of a digital item, such as a piece of artwork. The items can also include a video clip, a tweet and more.
NFTs are recorded using blockchain technology. A blockchain is a decentralized, digital ledger that tracks transactions of items and assets.
Some of the most high-profile NFTs include Twitter CEO Jack Dorsey’s digital version of his first tweet, which sold as an NFT for more than $2.9 million in March, and the viral 2007 video “Charlie Bit My Finger” fetched more than $760,000 in May. Earlier this week, a previously unheard demo track Whitney Houston recorded at age 17, sold as an NFT for $999,999.
Trump’s first NFT will be available for purchase until Dec. 31. The NFT, titled “Melania’s Vision,” is “a breathtaking watercolor art” that “embodies Mrs. Trump’s cobalt blue eyes,” according to the Thursday statement.
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It will be sold for one SOL, a cryptocurrency that runs on the Solana blockchain, or approximately $180. It will also include an audio recording, a “message of hope” from Trump.
A portion of the proceeds from the NFT sales will “assist children aging out of the foster care system by way of economic empowerment and with expanded access to resources needed to excel in the fields of computer science and technology,” the statement said.
The former first lady introduced the Be Best initiative in 2018, during former President Donald Trump’s term in office. It initially focused on three main “pillars,” including well-being, social media use and opioid abuse among children.
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