NFT Theft In March Witnessed A Massive Level When $10.9 Million Was Stolen

Key Points:

• $10.9 million is the value of NFT theft in March, representing a 32.72% reduction from the prior month.
• Blur sold 74.9% of the stolen NFTs, while OpenSea sold 19.5%.
• NFT trading volume also declined considerably in March.

While NFT theft decreased in March compared to February, the community remains concerned about the safety and security of blockchain platforms.

NFTs have lately grown in popularity, with artists, performers, and even sports organizations getting on board to monetize their digital assets. Yet, NFT theft of these digital assets raises serious issues regarding their security and safety.

According to a report by PeckShieldAlert, in March 2023, NFT was shaken by huge thefts of digital assets worth a stunning $10.9 million. As compared to the previous month, this reflects a 32.72% drop in NFT theft. This figure also shows that compared with the first month of 2023, it is more than double.

After two hours after the crime, half of the stolen NFTs were sold on multiple platforms. The identities of the criminals and their motivations are unclear, but experts say this is simply the tip of the iceberg and that more similar events are likely.

Subsequent analysis indicated that a considerable portion of the stolen NFTs were initially sold on the popular digital art site, Blur, with the platform accounting for 74.9% of the stolen NFTs. After that, 19.5% of the stolen NFTs were sold on the more well-known marketplace, OpenSea.

Blur is a newly growing NFT market with severe rivalry from Opensea. The market is continually evolving, with new platforms and marketplaces emerging to suit the increasing need for NFTs. Along with that is the opportunity for digital assets to have more methods of liquidity.

Yet, NFT trading volume fell significantly in March. According to CryptoSlam, NFT transactions declined by 31.42% month on month in March, falling from $1.03 billion in February to $882.89 million on April 3.

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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Harold

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