Mark Cuban, the former NBA Dallas Mavericks owner and Shark Tank investor, has made headlines by selling multiple NFTs. In just two days, Cuban’s markcuban.eth address sold 14 NFTs from his collection.
Most of these NFTs were from lesser-known collections. However, Cuban’s unexpected sales have ignited interest and speculation in the NFT community.
Mark Cuban’s Moves Spark NFT Community Speculations
Cuban’s notable transaction included selling Pudgy Penguins NFT #6329 for 9.065 Ethereum (ETH), nearly $30,000 at the time. He also tried to sell a Dallas Mavericks-themed NFT for 15 ETH (about $50,194) via OpenSea.
Data from OpenSea shows Cuban’s wallet, linked to the Dallas Mavericks, holds around 1,600 items. Despite the recent sales, his portfolio still has NFTs valued at over 1,900 ETH, or about $6.2 million.
Cuban, an avid NFT supporter since the 2021 boom, has invested significantly in NFT projects like CryptoSlam and Mintable. He advised collectors in late 2023 to buy NFTs out of love, not speculation, drawing parallels with the early struggles of tech giants like Amazon and Microsoft.
Timing of Sales Fuels Speculation
Cuban’s NFT sales coincided with a drop in Bored Ape Yacht Club (BAYC) NFTs’ floor price, which fell below 10 ETH last week. This has fueled speculation about the timing and motives behind his sales.
The broader NFT market is also experiencing a downturn. CryptoSlam data reveals NFT sales volume over the past 30 days is $485 million, a 48.52% decrease. Cuban’s actions may be a reaction to these market conditions or a strategic move in his broader investment portfolio.
