Billionaire Mark Cuban has sold part of his non-fungible token (NFT) collection. Cuban's wallet on OpenSea shows sales of over a dozen NFTs. That includes the famous Pudgy Penguin priced at over $30,000.
The wallet, one of two controlled by the Dallas Mavericks owner, retains about 1,600 items.
Cuban sold various high-value digital assets. These include unique artworks and collectibles.
Billionaire became heavily involved in NFTs and blockchain in 2021. He invested in multiple NFT startups. At the moment, Cuban was a rabid advocate for their adoption.
The NFT market has recently seen a decline. Global NFT sales dropped to $604 million in May 2023. This is the lowest monthly total since October 2022.
It marks the first month in 2024 with sales below $1 billion. Ethereum, the leading NFT blockchain, also experienced a downturn. Its sales fell to $164 million, the lowest since September.
Ethereum's unique buyers in May numbered 56,914. This is the lowest since June 2021.
And by the way, the decline was not limited to Ethereum blockchain. Others followed.
The decline reflects a broader market slowdown. However, some remain optimistic. Blockchain collector Pranksy commented on social media: "500 genuine replies, there is life in the old girl yet."
This optimism comes despite the recent market downturn. It suggests continued interest in blockchain products. The NFT market's future remains uncertain.