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Mark Cuban is selling off NFTs

Known for his appearance on the ABC reality show Shark Tank and former owner of the NBA Dallas Mavericks, Mark Cuban has gained the attention of the cryptocurrency community with the sudden sale of several non-fungible tokens (NFTs) from his vast collection.

Over the past two days, markcuban.eth has sold a total of 14 NFTs for a total of $100,000.

Cuban is getting rid of NFTs

One of the most notable deals became a sale NFT from the Pudgy Penguins collection numbered 6329. Cuban received about 9 Ethereum (ETH) for the token, which is equivalent to almost $30 thousand at the time of sale.

In addition, the billionaire is also put up for sale NFT from the Proof of Culture collection dedicated to the Dallas Mavericks club. For this token, Cuban is asking for 15 ETH (approximately $50 thousand) through one of his wallets on the largest marketplace OpenSea.

According to data from OpenSea, the wallet with the address markcuban.eth stores about 1,600 collectibles. Despite the recent sales, Cuban’s portfolio contains NFTs worth 1,900 ETH (about $6.2 million).

Mark Cuban NFT sales over the past two days. Source: OpenSea

Cuban has been a strong supporter of NFTs since their surge in popularity in 2021. Since then, the billionaire has invested huge sums in non-fungible token projects and platforms. For example, in CryptoSlam! and Mintable.

In late 2023, as the digital art boom fizzled out, Cuban urged collectors to buy NFTs not for speculation, but out of love. The billionaire compared the difficulties in the non-fungible token market to the early problems of today’s successful tech giants, including Amazon and Microsoft.

“Do you know what happens to speculators? They are severely punished. One day you’ll turn around and say to yourself, ‘I should have bought those damn NFTs when they were worth pennies,'” he once said.

Cuban’s latest sales coincide with a noticeable drop in the minimum price for Bored Ape Yacht Club (BAYC). Last week the figure fell below 10 ETH. This fueled speculation about the billionaire’s motives and timing.

NFT sales volume. Source: CryptoSlam!

The broader NFT market is currently in decline. According to CryptoSlam!over the past month, sales of non-fungible tokens have decreased by almost 50%, amounting to only $485 million.

Source: Cryptocurrency

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