- Mark Cuban offloads $37,800 worth of NFTs over two days.
- Despite sales, Cuban retains NFTs worth over 1,900 ETH.
- Sales prompt speculation about Mark Cuban’s interest in NFTs.
The NFT bull run in 2021 has attracted many mainstream personalities and companies, most of whom had no involvement in crypto. From Coca-Cola to Ferrari, and Snoop Dogg to Paris Hilton, all have tried cashing in on the trend.
This included the billionaire investor and media personality Mark Cuban, who invested extensively in NFT projects. However, as the NFT markets crashed, celebrities, including Cuban, started to lose interest. Most recently, after two years of accumulation, Cuban began selling his extensive NFT collection.
Billionaire Mark Cuban Starts Selling NFTs
On Monday, June 24, billionaire Mark Cuban actively sold NFTs from his Ethereum wallet (markcuban.eth). The sales generated 11.43 WETH, or about $37,800. While a small fraction of his total NFT holdings, theoretically amounting to over 1,900 ETH, sales prompted speculation about his ongoing interest in the NFT space.
Sponsored
Since the high of 2021, the NFT market has experienced a continued downturn, which wiped out much of its value. Notably, one report suggested that over 95% of collections on the market dropped to zero by 2024.
As the NFT market started turning downward, Cuban posted less about NFTs on his Twitter (now X). His most recent post mentioning NFTs was in November 2023. Instead, he focused on promoting his other ventures.
While it is unclear whether Cuban will continue selling off his NFTs, it is unlikely that they will hit the market all at once. The NFT market is relatively illiquid, meaning it takes some time to find interested buyers.
NFT Companies in Mark Cuban’s Portfolio
Other than his substantial NFT holdings, Cuban also made significant investments in companies that with within the NFT space. However, all these companies rely heavily on the strength of the NFT market to generate revenue.
- Lazy: Cuban founded this company in 2021, to simplify the process of showcasing NFTs.
- CryptoSlam: An NFT data aggregator that tracks the performance and sales of NFTs across multiple blockchains.
- SuperRare: A high-end marketplace for unique, single-edition digital artworks.
- Mintable: An NFT marketplace that allows users to create, buy, and sell NFTs with ease.
- Alethea AI: Integrates artificial intelligence with NFTs to create interactive, intelligent digital assets.
It is not clear what these companies’ values are, as they are all privately owned and don’t have stocks on the market. However, due to the crash of the NFT market, Cuban likely lost on these investments.
On the Flipside
- While Mark Cuban’s NFTs have a face value of 1,900 ETH, it is unlikely he could sell them for that amount. NFT markets are notoriously illiquid, and any large sales can cause a crash in the market.
- Cuban’s involvement with NFTs also highlighted the risks in the space. In 2023, Cuban claimed his Metamask wallet was hacked for $870,000.
Why This Matters
Mark Cuban’s recent NFT sales reflect a potential shift in investment strategies among high-profile investors. It shows the volatility of emerging markets and suggests that investors should be cautious when jumping on the latest trends.
Read more about Cuban’s stance on crypto:
Mark Cuban Blasts SEC Chair Gensler’s Hostile Crypto Probe
Read more about rumors rocking Solana:
Unconfirmed Solana Investigation Rumors Bring SOL Down 8%
