Blur

DappRadar

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 <p class="is-style-lead">The volume of NFT <a rel="noopener noreferrer nofollow" title="theft" href="https://thebittimes.com/tag/theft.html">theft</a> <a rel="noopener noreferrer nofollow" title="decrease" href="https://thebittimes.com/tag/decrease.html">decrease</a>d significantly in July — a 20% fall compared to June.</p> 
 <p>According to the PeckShield study, a blockchain security company, July saw $1.73 million worth of stolen NFTs — a 20% drop compared to June’s $2.27 million, and a 89% drop from a record-breaking $16.2 million in February.</p> 
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   <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
    <p lang="en" dir="ltr">#PeckShieldAlert In July 2023, ~$1.73M worth of #NFTs were stolen, marking a 31% <a rel="noopener noreferrer nofollow" title="decrease" href="https://thebittimes.com/tag/decrease.html">decrease</a> compared to the previous month. Within a span of 165 minutes, half of the stolen NFTs were promptly sold on various marketplaces. The percentage of stolen NFTs initially sold on @blur_io… pic.twitter.com/cknsefpfwe</p>— PeckShieldAlert (@PeckShieldAlert) August 6, 2023 
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 <p>PeckShield’s research focused on the monetary value of stolen NFTs and shed light on the hackers’ quick turnaround. </p> 
 <p>Within a mere 165 minutes, half of the stolen NFTs were sold on various marketplaces. The <a rel="noopener noreferrer nofollow" title="report" href="https://thebittimes.com/tag/report.html">report</a> highlighted the platforms used for these transactions, with Blur marketplace leading the way at 67.3% of stolen NFTs initially sold, followed by OpenSea at 19.63%.</p> 
 <h2 class="wp-block-heading" id="nft-hype-fading">NFT hype fading </h2> 
 <p>The drop in NFT <a rel="noopener noreferrer nofollow" title="theft" href="https://thebittimes.com/tag/theft.html">theft</a>s could be partly attributed to the decline in NFT sales over the past months, including July. </p> 
 <p>DappRadar reported that the NFT market volume and revenues fell by 29% and 23% monthly, respectively. Major collections like Bored Ape Yacht Club and Azuki witnessed their lowest floor prices in almost two years, indicating a struggling market.</p> 
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 <p>The plummeting sales figures indicate a significant shift in the NFT landscape. Trading volumes dropped from $1.1 billion in January to $600 million in July, marking the third consecutive month with trading volume below $1 billion.&nbsp;</p> 
 <p>Blur, a popular market place has seen a 32% decrease in transactions and 44% in volume from the previous month, as OpenSea’s transactions also dropped by 25% within the same period, according to stats by DappRadar as of press time. </p> 
 <p>However, some positive trends emerged, notably the increased trading activity on the Polygon network, which accounted for 27% of all deals in July.</p> 
 <p>The NFT community also faced growing concerns over financial fraud and theft. The FBI issued a warning after witnessing an alarming rise in fraudulent activities targeting NFT enthusiasts. Cybercriminals were found to impersonate authorized NFT developers to defraud unsuspecting consumers.</p> 
 <p class="is-style-lead">Note from crypto.news: the PeckShield study says that the decrease from June to July was 31%, but we believe the percentage was calculated wrong.</p> 
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NFT theft decreased 20% in July: report

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