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Bitcoin:
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BTC Dominance:
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Market Cap:
$2.13 T

Mark Cuban Sells NFTs: Strategy or Market Response?

Mark Cuban Nfts

Shark Tank investor and former NBA Dallas Mavericks owner Mark Cuban has made news by abruptly selling many non-fungible tokens (NFTs) from his large stockpile. According to statistics, the markcuban.eth address has offloaded 14 NFTs over the past two days.

Mark Cuban’s NFT Collection: What’s Left?

Although most of these auctions consisted of less-known assets, Cuba’s choice has generated NFT community attention and conjecture.

Equivalent to about $30,000 at the time of the sale, Cuban sold his Pudgy Penguins NFT #6329 for 9.065 Ethereum (ETH). Through one of his OpenSea wallets, Cuban also tried to sell a Dallas Mavericks-themed NFT from the Proof of Culture series for 15 ETH (around $50,194).

OpenSea records indicate that this wallet connected to the Dallas Mavericks and Cuban has over 1,600 items. His portfolio still consists of a sizable collection of NFTs valued at over 1,900 ETH, or around $6.2 million, notwithstanding the sales.

NFT Market Trends: What Cuban’s Sales Indicate

Since the 2021 surge, Cuban, a well-known NFT activist, has heavily sponsored NFT companies and platforms, including Mintable and CryptoSlam. Cubans remained positive about NFTs in late 2023 and counseled collectors to buy out of passion instead of speculation. He emphasized the early hardships of now-successful tech behemoths like Amazon and Microsoft in order to make connections with the prospective of the NFT sector.

Are you aware of what happens to speculators? Their ass is presented to them. You will eventually come around and say, “I should have bought those damned NFTs when they were next to nothing,” he said.

READ:  Mark Cuban Advocates for CFTC to Tackle Crypto Regulation Ahead of U.S. Election

Cuba’s NFT sales line up with a clear decline in the floor price of Bored Ape Yacht Club (BAYC) NFTs, which dropped last week below 10 ETH. This background has spurred rumors regarding the timing and reasons behind his sales.

Furthermore, the larger NFT market is declining. Based on CryptoSlam data, the NFT sales volume over the past thirty days has come out to be $485 million, a notable 48.52% drop. One might interpret Cuban’s activities as a response to these market conditions or as a calculated move within his larger investment portfolio.

 

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