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Mark Cuban calls token valuations “inflated” shortly after NFT mint

01/28/2021

Whereas apes rejoiced on the sight of DeFi baggage in Cuban’s addresses, he may be getting ready for a bearish future.

Shortly after a restricted version non-fungible token launch, entrepreneur and Dallas Mavericks proprietor Mark Cuban has known as into query the valuations within the NFT area, in addition to these in half a dozen different asset lessons.

Known as “The RollUp 2021,” Cuban dropped the NFTs on Wednesday on Rarible, saying the discharge in a Tweet:

Describing the NFTs — which characteristic a half dozen-frame animation of Cuban awkwardly gyrating his hips and shoulders whereas holding what seems to be a yoga mat and laptop computer in a Dallas Mavericks picture studio — as “halfhearted” can be charitable, however they offered out in brief order nonetheless, together with two going to whale pockets flip Twitter character 0x_b1, who has taken an curiosity in NFTs as of late. 

In itemizing the NFTs Cuban, who has famously waffled with regards to his public statements on cryptocurrencies, additionally revealed that he has some vital decentralized finance and Ethereum holdings. On-chain sleuths have been fast to analyze the itemizing, and located two closely-related wallets containing over 1000 ETH, staked Aave, and SUSHI, in addition to smaller quantities of dozens of different initiatives. Cuban seem to acknowledge that the wallets have been his in one other Tweet:

Whereas the cryptoTwitter neighborhood was taking a victory lap on the prospects of an influential billionaire holding a few of their baggage, Cuban did pour some chilly water on the mania. Only a day after promoting his personal NFTs, Cuban appeared to query whether or not the high-prices NFTs have been attracting are sustainable. 

When requested on CNBC this morning about if the present hubbub surrounding the runs on closely shorted shares frightened him, he stated he’d “hedged the heck out of my portfolio, completely it has me frightened.”

“We’re seeing hypothesis in every single place, as a result of as property have inflated, you’ve seen it throughout a complete vary of property, whether or not its cryptocurrency, whether or not its buying and selling playing cards, whether or not its nonfungible tokens, , whether or not its housing, once you’ve received such low pursuits charges you’re gonna get considerable property inflating,” he stated.

The assertion appears to indicate that his dip into DeFi and NFTs is extra of an experiment — constructing on a earlier Tweet the place he stated he likes to “attempt all these things out.”

In reality, his long-term view on the markets as rates of interest rise over the following decade is a distinctly gloomy outlook, as he advised CNBC:

“Then folks can have completely different resolution standards and that may actually deflate, I don’t wish to name it a bubble as a result of it’s actuality given rates of interest, however there will likely be a deflation of some type in these considerable property, and it is going to be scary when that occurs.”