Thefts of NFTs Decline for Fifth Consecutive Month
Theft of nonfungible token (NFT) digital art has decreased for the fifth consecutive month, indicating a weak sentiment in the NFT market. Recent research shows that the total value of stolen NFTs in July was $1.73 million.
Main Points:
- In July, $1.73 million worth of NFTs were stolen, a 31% decrease from the previous month.
- This figure is nearly 90% lower than the highest monthly theft, which occurred in February with $16.2 million worth of NFTs stolen.
- Stolen NFTs are quickly sold on various marketplaces, with half being sold within 165 minutes.
- The marketplace of choice for NFT thieves is Blur, accounting for 67.3% of resales, followed by Opensea with approximately 20%.
- Over $40 million worth of NFTs have been stolen in 2023 so far.
NFT Market Sentiment Declining
While a decrease in crypto crime is generally positive, the drop in interest in NFTs may be attributed to the declining market sentiment. Sales volumes of NFTs have fallen approximately 40% in July, indicating a decrease in profitability.
Main Points:
- Sales volumes of NFTs have dropped from around $22 million to $13 million by the end of July.
- Global sales volumes have remained flat at around $110 million over the past week.
- The top NFT collection in the past week is DMarket, with $6 million in sales.
- DMarket is a Ukrainian metaverse that also operates as an NFT marketplace for trading in-game items.
Hot Take:
As NFT market sentiment continues to decline, the decrease in NFT thefts may be a reflection of decreased interest and profitability. While thefts have decreased, it is important for crypto readers to remain cautious and vigilant when engaging with NFTs to avoid falling victim to fraudulent schemes or scams.