NFTs
Mark Cuban wants to download $100,000 worth of NFTs
Cuban has already sold 14 NFTs for $38,500 in the last two days.
Mark Cuban, the billionaire investor, has suddenly reappeared in the NFT world to dump his holdings.
On June 23, the Cuban crypto wallet, “markcuban.eth,” became active again after a two-year hiatus to sell a variety of NFTs.
Portfolio activity in Open sea reveals that Cuban sold 14 NFTs, totaling around $38,533, in the last two days. The standout sale was Pudgy Penguin #6239, which netted 9.06 Wrapped Ether (WETH) worth nearly $30,600.
Cuban has listed two other high-value NFTs for sale. He 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 were sold at current listing prices, it would increase the value of Cuban sales to over $102,200.
Cuban’s wallet last transacted on January 13, 2022, selling 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 have always paid attention to Bitcoin, the prices, the tokens and the [crypto]coins,” Cuban said at the 2022 North American Bitcoin Conference. “But what really attracted me was, about a year ago, when I minted my first NFT.”
“The fact that you can take a digital file – audio, video, photo, whatever – and not only mint it to sell it but also assign royalties to it, I’m like, ‘How can you do that?’ Because you can’t do that with anything physical,” Cuban continued.
Pudgy Penguins announce new parent company
Cuban’s decision to divest his Pudgy Penguins comes despite the team announcing the launch of a new holding company in partnership with OverpassIP, an NFT licensing platform, called Igloo Inc.
“Igloo has created an end-to-end environment to introduce people to cryptocurrency without diluting existing assets,” said Igloo he said in X.
Launched in 2021, Pudgy Penguins has risen to the ranks as the third-largest NFT collection by market value, at $262 million, according to NFT Price Floor.
Notably, the project secured partnerships with retail giants Walmart and Target to stock Toys licensed by Pudgy Penguins in store, leading to over a million toy sales.
Pudgy Penguins was the most traded NFT collection on Ethereum in the last 24 hours with US$1.93 million in sales, according to Dappradar.
Drop in NFT sales
However, the sales volume of all NFTs across networks plummeted in June.
According to CryptoSlamtotal NFT sales have 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 top collections have posted heavy losses in recent weeks.
Bearish momentum is the result of the third incentive season on Blur, the leading NFT marketplace by volume, is declining. Ethereum’s top four collections by market cap have seen losses of between 17% and 26% over the past 30 days.
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