Haider Jamal

Jun 25, 2024

Mark Cuban Sells 14 NFTs In 2 Days In Sudden Sell Off

Mark Cuban, previously the owner of the Dallas Mavericks and a notable investor on Shark Tank, has garnered attention by suddenly selling numerous NFTs via his extensive collection. Recent data indicates that over the last two days, transactions via the markcuban.eth address have involved 14 NFTs. While many of these sales featured less renowned collections, Mark has nevertheless sparked interest and speculation within the NFT community.


A Significant Transaction

Cuban sold his Pudgy Penguins NFT 6329 for 9.065 Ethereum (ETH), valued at nearly $30,000 at the time. Additionally, he attempted to sell a Dallas Mavericks-themed NFT in the Proof of Culture series for 15 ETH (approximately $50,194) through one of his OpenSea wallets.

According to OpenSea records, this wallet, associated with Cuban and the Dallas Mavericks, holds approximately 1,600 items. Despite these recent sales, his portfolio still encompasses a substantial array of NFTs valued at over 1,900 ETH, or about $6.2 million. The recent NFT sales also coincide with a notable decrease in the floor price of Bored Ape Yacht Club (BAYC) NFTs, which fell below 10 ETH last week. This backdrop has led to speculation about the timing and motivations behind his sales.


A Mixed Bag

Cuban, a prominent supporter of NFTs since the 2021 surge, has heavily invested in NFT projects and platforms such as CryptoSlam and Mintable. In late 2023, he expressed optimism about NFTs, advising collectors to buy based on passion rather than speculation. Drawing parallels with early struggles faced by now-successful tech giants like Amazon and Microsoft, he highlighted the potential of the NFT market.

Still, the broader NFT market has experienced a downturn, with CryptoSlam reporting a 48.52% decrease in NFT sales volume over the past 30 days, amounting to $485 million. There are some who believe that Cuban may simply be responding to these market conditions as an investor or as part of a strategic adjustment within his larger portfolio.


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