Mark Cuban Selling Part of NFT Collection

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

Cuban’s pocketbook indicates that he has sold more than a dozen NFTs, as noted in the trading activities listed on the NFT marketplace OpenSea. Approximately 1,600 items are still present in the wallet associated with Cuban, which is one of two wallets that are under the custody of the Dallas Mavericks owner.

Mark Cuban Disposes of His Collection

High-value digital assets, such as a Pudgy Penguin, were among the NFTs that Mark Cuban sold for over $30,000. Diverse digital artworks and collectibles were also sold.

In 2021, Cuban, recognized for participating in the television series “Shark Tank,” became deeply involved in developing blockchain technology and NFTs. He has been a vocal advocate for the potential of these technologies, investing in numerous NFT firms and advocating for their adoption.

Recent Decline Seen in the NFT Market

Globally, the total of NFT sales in May 2023 was $604 million, the lowest monthly total since October 2022. This was the first month in 2024 when sales fell below the $1 billion threshold.

Ethereum, which has a historical volume exceeding $43 billion and is the dominant blockchain for NFT transactions, also experienced a decline. The Ethereum network’s monthly sales have experienced a decline to $164 million, the lowest level since September.

In May, Ethereum had 56,914 unique buyers, the lowest total since June 2021, according to CryptoSlam data. The Bitcoin network also encountered a decline in NFT sales, which was not exclusive to Ethereum.

The monthly sales of Bitcoin decreased to $160 million, the lowest level since October. This year, the buyer and seller counts on the Bitcoin network reached their lowest marks, indicative of a more general market downturn.

The blockchain collector Pranksy expressed optimism about the once-hyped blockchain products amidst the recent market decline by posting on social media, “500 genuine replies, there is life in the old girl yet.”