Theft of NFTs Decreases by Over 20% in July
According to a study by PeckShield, the volume of NFT theft in July saw a significant decline compared to June. Here are the key points:
- In July, $1.73 million worth of NFTs were stolen, which was a 23.79% drop from the previous month.
- This decrease is also an 89% drop from the record-breaking $16.2 million stolen in February.
- In just 165 minutes, half of the stolen NFTs were sold on various marketplaces.
- The leading platforms for selling stolen NFTs were Blur marketplace at 67.3% and OpenSea at 19.63%.
- The drop in NFT thefts is likely linked to the overall decline in NFT sales.
The decline in NFT theft can be attributed to the struggling NFT market, with the volume and revenues falling by 29% and 23% monthly, respectively. This has resulted in significantly lower trading volumes, dropping from $1.1 billion in January to $600 million in July. While major marketplaces like Blur and OpenSea also experienced decreases in transactions and volume, the Polygon network saw an increase in trading activity. However, the NFT community faces growing concerns over financial fraud and theft, with cybercriminals impersonating authorized NFT developers to defraud consumers.
Hot Take:
The decrease in NFT theft is a positive sign for the crypto community. However, the declining NFT market raises questions about the long-term sustainability of this digital asset class. With growing concerns over fraud and theft, it is crucial for individuals to exercise caution when engaging in NFT transactions and for platforms to enhance security measures.
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