Chip

Impact

<p>In the aftermath of a major hack on the NFT Trader platform, which resulted in the theft of nearly $3 million worth of Non-Fungible Tokens (NFTs), the crypto community has witnessed a swift and successful recovery of the stolen assets.&nbsp;</p> 
<p>The Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) <a href="https://www.cryptopolitan.com/bayc-and-mayc-nft-reclaimed-after-267k/">NFTs</a> were returned to their rightful owners thanks to the collaborative efforts of Yuga Labs’ Greg Solano and the decentralized autonomous organization (DAO) known as Boring Security.</p> 
<h2 class="wp-block-heading" id="stable-nft-indices">Stable NFT indices</h2> 
<p>Despite the significant heist, the NFT market indices, particularly Nansen’s NFT-500 and Blue-Chip-10, have <a href="https://twitter.com/realniceguy_SRH/status/1736253245063147613" rel="nofollow noopener" target="_blank">demonstrated</a> stability in the wake of the incident.&nbsp;</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">Congratulations to the <a href="https://twitter.com/BoringSecDAO?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">@BoringSecDAO</a> in getting back those Apes. 🦍 <br><br>Well done. ✅🎉🙌🏻 <a href="https://twitter.com/BoredApeYC?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">@BoredApeYC</a> <a href="https://t.co/brVGQ58Sg2" rel="nofollow" target="_blank">pic.twitter.com/brVGQ58Sg2</a></p>— realniceguy.eth ❄️🍌 (@realniceguy_SRH) <a href="https://twitter.com/realniceguy_SRH/status/1736253245063147613?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">December 17, 2023</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>This resilience showcases the maturing nature of the NFT market and the confidence of investors in the asset class.</p> 
<h2 class="wp-block-heading" id="impact-on-year-to-date-performance">Impact on year-to-date performance</h2> 
<p>While the NFT market remained relatively unaffected by the hack, it is noteworthy that Nansen’s NFT-500 index has experienced a 0.88% decrease when measured in ether (ETH) value.&nbsp;</p> 
<p>Similarly, the Blue Chip 10 index is down by 0.51%. However, it’s important to note that these indices have also shown broader fluctuations throughout the year, with Nansen’s NFT-500 index down by 49% and the Blue Chip 10 index down by 45% in ETH value since the beginning of the year.</p> 
<h2 class="wp-block-heading" id="swift-recovery-of-stolen-nfts">Swift recovery of stolen NFTs</h2> 
<p>In a commendable display of solidarity within the crypto community, the stolen NFTs were swiftly returned to their rightful owners after being held hostage by the hacker. The thief had initially demanded a ransom of 120 ETH, equivalent to approximately $260,000, in exchange for the return of the NFTs.</p> 
<p>The collaborative efforts to recover the stolen assets were orchestrated by Boring Security, a DAO governed by code rather than traditional leadership. The pivotal role played by Greg Solano, co-founder of Yuga Labs, cannot be overstated, as his contribution to the bounty facilitated the successful retrieval of the NFTs.</p> 
<h2 class="wp-block-heading" id="stability-in-nft-indices">Stability in NFT indices</h2> 
<p>Despite the gravity of the NFT Trader hack, the broader NFT market exhibited resilience. Nansen’s NFT-500 index, a benchmark for NFT performance, only saw a marginal decline of 0.88% when measured in ETH. Similarly, the Blue Chip 10 index, which tracks the performance of the top NFTs in the market, experienced a relatively small drop of 0.51%.</p> 
<p>This stability reflects the growing maturity of the NFT market, where investors and collectors remain confident in the long-term value of their digital assets. The ability of the market to absorb such incidents without significant disruptions is a testament to its robustness.</p> 
<p>While the NFT market remained steady in the face of the recent hack, it is crucial to consider the broader context of year-to-date performance. Nansen’s NFT-500 index has witnessed a 49% decline in value when measured in ETH since the beginning of the year. Similarly, the Blue Chip 10 index has recorded a 45% drop in value during the same period.</p> 
<p>These year-to-date figures emphasize the inherent volatility of the NFT market. Investors should remain cautious and well-informed, recognizing that despite short-term stability, the NFT space can be subject to significant price fluctuations over longer periods.</p>

NFT market indices show resilience despite major hack

Table of Contents

Cryptopolitan_News

Other articles published on Dec 18, 2023

Bonk (BONK) Lost 40% of Its Value in 3 Days: Can It Recover?

FTX proposes plan to end bankruptcy

Former EU senator working for Chinese spies said Binance is ‘the future’

BITCOIN Alert: Bulls Beware as BTC Teeters on the Edge of Key Support

Apeiron’s Launch on Ronin: A New Era in Blockchain Gaming

Blockchain-Based Private Loans Surges, Reaching $408M in 2023

Join our free newsletter for daily crypto updates!