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Billionaire Mark Cuban Starts Selling NFTs After Two Years

Billionaire Mark Cuban recently divested a portion of his non-fungible token (NFT) collection, notably including a Pudgy Penguin that fetched over $30,000. Trading data from the NFT marketplace OpenSea indicates that Cuban has sold more than twelve NFTs from his portfolio. Despite these sales, Cuban’s wallet, one of two under his control as the owner of the Dallas Mavericks, still holds around 1,600 items.

Mark Cuban Offloads His Collection

Mark Cuban recently sold several high-value NFTs, such as a Pudgy Penguin that fetched over $30,000. His sales also encompassed a variety of unique digital artworks and collectibles.

Famous for his role on “Shark Tank,” Cuban delved deeply into NFTs and blockchain technology in 2021. He has actively supported these technologies, investing in numerous NFT startups and advocating for their widespread adoption.

Recent Decline Seen in NFT Market

In May 2023, global NFT sales plummeted to $604 million, marking the lowest monthly total since October 2022 and the first time in 2024 that sales dipped below the $1 billion mark.

Ethereum, the predominant blockchain for NFT transactions with a cumulative volume exceeding $43 billion, also experienced a decline. Sales on the Ethereum network dropped to $164 million, the lowest monthly figure since September.

According to CryptoSlam data, Ethereum saw 56,914 unique buyers in May, the lowest number since June 2021. This downturn in NFT sales was not isolated to Ethereum; the Bitcoin network also faced a downturn.

Bitcoin’s monthly sales fell to $160 million, the lowest since October. Both the number of buyers and sellers on the Bitcoin network hit their lowest points of the year, indicating a broader market slump.

“500 genuine replies, there is life in the old girl yet,” noted blockchain collector Pranksy on social media in response to the recent market decline, expressing optimism despite the downturn in once-hyped blockchain products.

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Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

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