Mark Cuban, a prominent supporter of non-fungible tokens (NFTs), has started selling off parts of his extensive NFT collection.

Over the past two days, Cuban's Ethereum wallet (markcuban.eth) has sold 12 NFTs, totaling over 11.43 ETH (around $37,800). This includes the sale of a Pudgy Penguin NFT for over $30,000. However, Cuban still holds a substantial NFT portfolio, with over 1,600 items worth around 1,900 ETH.

The billionaire's NFT sell-off comes amid a broader decline in the NFT market. In May 2023, global NFT sales dropped to $604 million, the lowest monthly total since October 2022. Ethereum, the leading blockchain for NFT transactions, also saw a significant decline, with sales falling to $164 million, the lowest since September.

Interestingly, Cuban's NFT sell-off coincides with a recent security incident involving his Gmail account being hacked. However, it is unclear whether the two events are related, as Cuban has not made any public statements about his reasons for selling the NFTs.

This move by the prominent NFT supporter raises questions about the long-term viability of the NFT market. As the industry faces a significant downturn, it remains to be seen whether the NFT craze will regain momentum or continue to struggle.