Billionaire Mark Cuban Starts Selling NFTs After Two Years

CryptoNews.com · 2024-06-24T23:25:12+00:00

Mark Cuban has sold some of his NFT collection, including a Pudgy Penguin for over $30k, while still owning around 1,600 items in his wallet. The recent decline in NFT sales appears to be hitting Ethereum and Bitcoin networks, with May 2023 seeing the lowest NFT sales at $604m since October 2022. This slump has also affected the number of buyers and sellers on these networks. Despite this, some in the industry remain optimistic about NFTs' future potential.

CryptoNews.com

2024-06-24 23:25:12

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Hongji Feng

Last updated:

June 25, 2024 03:25 EDT | 1 min read

Billionaire Mark Cuban has sold a part of his non-fungible token (NFT) collection, including a Pudgy Penguin for over $30,000.

According to the trading activities listed on the NFT marketplace OpenSea, Cuban’s wallet shows he has sold over a dozen NFTs. The wallet associated with Cuban, which is one of two wallets controlled by the owner of the Dallas Mavericks, still contains approximately 1,600 items.

Mark Cuban Offloads His Collection

Among the NFTs sold by Mark Cuban were high-value digital assets, including a Pudgy Penguin, which sold for over $30,000. Other sales included various unique digital artworks and collectibles.

Cuban, known for his role on “Shark Tank,” became heavily involved in NFTs and blockchain technology in 2021. He has been a vocal proponent of the potential of these technologies, investing in multiple NFT startups and advocating for their adoption.

Recent Decline Seen in NFT Market

In May 2023, global NFT sales dropped to $604 million, the lowest monthly total since October 2022. This was the first month in 2024 where sales fell below the $1 billion mark.

Ethereum, the leading blockchain for NFT transactions with a historical volume exceeding $43 billion, also saw a decline. Sales on the Ethereum network dropped to $164 million, marking the lowest monthly sales since September.

CryptoSlam data indicated that Ethereum had 56,914 unique buyers in May, the lowest number since June 2021. This decline in NFT sales was not limited to Ethereum; the Bitcoin network also experienced a downturn.

Bitcoin’s monthly sales fell to $160 million, the lowest figure since October. Both the buyer and seller counts on the Bitcoin network reached their lowest points this year, reflecting a broader slump in the market.

“500 genuine replies, there is life in the old girl yet,” the blockchain collector Pranksy posted on social media regarding the recent market decline, indicating optimism about the once hyped blockchain products.

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