NFT Trading Volume Down 75% In June

The long crypto winter has caused all sectors to fall, and the NFT is no exception when it recorded a 75% drop in this June.

NFT reduced volume

Non-fungible tokens have been met with unprecedented enthusiasm since August 2021. Indeed, during this time period, several NFT collections have been released months or even more The previous year had seen their prices explode. This is a special case of CryptoPunks that were released in 2017 and remain in the shadows until 2021.

The non-fungible tokens ecosystem peaked in January 2022 with a record volume of $16 billion. However, since this January peak, the volume recorded by this ecosystem on Ethereum has continued to decline.

So, from May to June 2022, its trading volume dropped 75%, from $4 to $1 billion.

Despite the significant drop in NFT transaction volumes, they are still very popular with hackers. Honestly, over the past few months, we’ve seen an increase in scams, especially in regards to NFTs.

At first, many non-fungible tokens artists were targeted by Trojan horse attacks. Specifically, an attacker contacts an artist requesting an art order. Once exposed, the attacker sends a fake PDF file to the artist, which is actually a script file. If he opens it, it compromises his computer, freeing control for the attacker.

In the second step, over a hundred NFT projects had their Discord servers compromised. In this case, the attacker takes control of Discord and takes the opportunity to post a phishing-style message. Its goal is to steal the NFTs held by the community of the aforementioned Discord server.

In the meantime, non-fungible tokens projects continue to develop their products. Recently, the giant Yuga Labs held a demo of its Otherside metaverse. In total, more than 4,300 users were able to preview part of the Bored Apes world metaverse.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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