Billionaire Mark Cuban starts selling NFTs after two years

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

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

Mark Cuban unloads his collection

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

Cuban, known for his role on “Shark Tank,” has been heavily involved in NFTs and blockchain technology in 2021. In short, he has been an advocate for the potential of these technologies, investing in several NFT startups and advocating for their adoption.

Recent decline in the NFT market

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

Ethereum, the leading blockchain for NFT transactions with a historical volume of over $43 billion, also saw a decline. Sales on the Ethereum network fell to $164 million. The volume represents the lowest monthly sales since September.

CryptoSlam data indicated that Ethereum had 56,914 unique buyers in May, the lowest number since June 2021. However, this decline in NFT sales was not limited to ETH. The Bitcoin network also saw a decline.

Monthly Bitcoin sales have fallen to $160 million, the lowest since October. Both the buyer and seller counts on the Bitcoin network have hit their lowest points this year, reflecting a broader market slump.

“500 genuine responses, there’s still life in the old girl,” blockchain collector Pranksy posted on social media about the recent market decline. The post indicates optimism about once-hyped blockchain products.