Former NBA Dallas Mavericks owner and Shark Tank investor Mark Cuban has made headlines by suddenly selling multiple non-fungible tokens (NFTs) from his extensive collection. Based on data, in the past two days, the markcuban.eth address has offloaded 14 NFTs.

While most of these sales involved lesser-known collections, Cuban’s decision has sparked interest and speculation in the NFT community.

Mark Cuban’s Moves Spark the NFT Community Speculations

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

According to OpenSea data, this wallet, linked to Cuban and the Dallas Mavericks, contains about 1,600 items. Despite the sales, his portfolio still includes a substantial collection of NFTs valued at over 1,900 ETH, or approximately $6.2 million.

Cuban, a prominent NFT advocate since the 2021 boom, has significantly invested in NFT projects and platforms, such as CryptoSlam and Mintable. In late 2023, Cuban remained bullish on NFTs, advising collectors to buy out of love rather than speculation. He highlighted the early struggles of now-successful tech giants like Amazon and Microsoft to draw parallels with the NFT market’s potential.

“You know what happens to speculators? They get their ass handed to them. Someday you’re gonna turn around and say to yourself, ‘I should have bought those damn NFTs when they were next to nothing’,” he stated.

Cuban’s NFT sales coincide with a notable dip in the floor price of Bored Ape Yacht Club (BAYC) NFTs, which fell below 10 ETH last week. This context has fueled speculation about the timing and motives behind his sales.

The broader NFT market has also seen a downturn. CryptoSlam data reveals that the NFT sales volume over the past 30 days is $485 million, a significant 48.52% decrease. Cuban’s actions could be seen as a reaction to these market conditions or a strategic move within his broader investment portfolio.

Source : BeInCrypto - Jun 25, 2024