Mark Cuban Wants To Offload $100K In NFTs

Mark Cuban, the billionaire investor, has suddenly reappeared in the NFT world to offload his holdings.

On June 23, Cuban’s crypto wallet, "markcuban.eth," became active again after a two-year hiatus to sell a variety of NFTs.

The wallet’s activity on OpenSea reveals that Cuban sold 14 NFTs, totaling roughly $38,533, in the past two days. The standout sale was Pudgy Penguin #6239, which fetched 9.06 Wrapped Ether (WETH) worth nearly $30,600.

Cuban listed two other high-value NFTs for sale. He has listed Hashtag NFT #MFFL for 15 ETH (approximately $50,000) and Deuteronomy 25:4 from the BibleNFT collection for 5 ETH ($16,000). If these NFTs sell at their current listing prices, they would bring the value of Cuban's sales to more than $102,200.

Cuban’s wallet had last transacted on Jan. 13, 2022, with the sale of a Roc Aero Pitch Deck NFT for $33.73 prior to the recent activity.

Known for his role on the popular TV show "Shark Tank," Cuban has thrown his support behind non-fungible tokens, even investing in the popular NFT marketplace, OpenSea.

"I always paid attention to Bitcoin, the pricing, the tokens, and the [crypto]currencies,” Cuban said at The North American Bitcoin Conference in 2022. “But what really got me into it was, about a year ago, when I minted my first NFT.”.

“The fact that you could take a digital file — audio, video, picture, whatever — and not only mint it to sell it but also attach royalties to it, I’m like, 'How can you do that?' Because you can’t do that with anything physical,” Cuban continued.

Pudgy Penguins announces new parent company

Cuban’s decision to offload his Pudgy Penguins comes despite the team announcing the launch of a new parent company in partnership with OverpassIP, an NFT licensing platform, called Igloo Inc. on June 22.

"Igloo created an end-to-end environment for introducing people to crypto without diluting existing assets," Igloo said on X.

Launched in 2021, Pudgy Penguins has risen to rank as the third-largest NFT collection by market cap with $262 million, according to NFT Price Floor.

Notably, the project has secured partnerships with retail giants Walmart and Target to stock Pudgy Penguins-licensed toys in-store, leading to more than one million toy sales.

Pudgy Penguins was the most traded NFT collection on Ethereum over the past 24 hours with $1.93 million in sales, according to Dappradar.

NFT sales plunge

However, sales volume for all NFTs across chains plunged in June.

According to CryptoSlam, total NFT sales dropped 50% in the last 30 days, reaching $480 million.

While Ethereum remains the top blockchain for NFT sales, hosting $687.97 million in total sales last week, many of the network’s leading collections have posted heavy losses in recent weeks.

The bearish momentum is the result of the third season of incentives on Blur, the top NFT marketplace by volume, winding down. Ethereum’s top four collections by market cap have each posted losses of between 17% and 26% in the past 30 days.