Popular American billionaire and “Shark Tank” star Mark Cuban made headlines by selling a significant portion of his NFT collection.
On 23 June 2024, Cuban’s Ethereum wallet ‘markcuban.eth’ became active after nearly two years of inactivity. Over the next two days, he sold 14 NFTs, generating approximately $38,533.
The standout sale was Pudgy Penguin, which fetched 9.06 Wrapped Ether (WETH), worth approximately $30,600.
This move sparked widespread speculation about his interest in the NFT collection.
🔥 Mark Cuban is selling his NFTs amidst waning interest. Do you think this signals a downturn in the NFT market? Will other celebrities follow suit? 💭💰 #NFTs #Cryptocurrencyhttps://t.co/xqejIap1mB
— Bit Bliss (@Artdinals) June 25, 2024
Cuban’s decision to sell his NFTs comes at a time when the NFT market is experiencing a significant downturn.
His sell-off may also reflect a potential shift in investment strategies among high-profile investors.
Cuban has a history with NFTs, being a vocal supporter of NFTs and blockchain technology. Since 2021, he started investing in projects and platforms, including OpenSea, CryptoSlam, SuperRare, Mintable, and Alethea.
Read more: What is an NFT? A Beginner’s Guide (2024 Updated)
Speculations Around Cuban’s NFT Offload
While some speculate that he is liquidating assets due to market’s decline, others believe it can be thought out move within his larger investment portfolio.
Despite selling a portion of his collection, Cuban still holds a substantial NFT portfolio valued at over 1,900 ETH, or about $6.2 million.
In the past, Cuban’s involvement and advocacy of NFTs brough credibility to this innovative asst class. In fact, new investors and developers took interest in NFTs, following Cuban’s suit.
Cuban’s Gmail Account Hacked
Cuban’s recent NFT sales coincided with a security incident involving his Gmail account.
On 23 June 2024, Cuban reported that his Gmail account had been compromised through a fraudulent call.
He warned his followers on social media about potential unauthorized emails from his account.
By 25 June 2024, Cuban announced that he had regained control of his account, thanking Google’s team for their assistance.
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This is not the first time Cuban has faced security issues; in 2023, one of his crypto wallets was drained of approximately $870,000 in crypto assets.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
