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Analysis

NFTs Theft Worth $1.73 Million, Drops 31% In July 2023

August 7, 2023 - Around 2 mins mins to read

Key Points:

  • In July 2023, $1.73 million worth of non-fungible tokens (NFTs) were stolen, representing a 31% decrease from the previous month.
  • NFT trading volumes declined more than 17% month-over-month in July, indicating a general decline in NFT interest and market activity.
July 2023 witnessed $1.73 million worth of NFTs stolen, a 31% decrease from the previous month. NFT market activity declined; caution is advised for investors.

In July 2023, approximately $1.73 million worth of non-fungible tokens were stolen, representing a 31% decrease from the previous month. Half of the stolen NFTs were quickly sold on various exchanges, with 67.3% of the transactions completed through Blur and 19.63% through OpenSea.

NFTs Theft Worth $1.73 Million, Drops 31% In July 2023

According to PeckShield, a blockchain security company, this downtrend in stolen NFT correlates with a general decline in NFT interest and market activity.

In total, NFT trading volumes declined more than 17% month-over-month in July. PeckShield also noted that half of all stolen NFTs were sold within 165 minutes, primarily on Blur, the leading Ethereum NFT marketplace by monthly volume.

Despite the decrease in stolen NFT values, the NFT market remains an area of interest for investors and collectors alike. However, the recent decline in market activity suggests that caution is advised when investing in NFT.

CoinCu previously reported that the UK-based F1 racing team is set to introduce blue-chip Non-Fungible Tokens to the sport during the US Grand Prix in October, giving fans an unprecedented role in the design of their cars.

Meanwhile, Gucci has recently taken a significant leap into NFTs by launching its Vault Material NFT physical exchange function on the partner platform, 10KTF.shop. After months of anticipation surrounding the 2,896 NFTs minted in March, brand enthusiasts can now redeem their NFTs for premium Gucci products.

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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Author

Thana

I am a news editor at Coincu, where I produce daily editorial packages and manage the knowledge and review article sections. Before journalism, I earned a Bachelor's degree in Global Logistics and Supply Chain Management from Northampton University and studied news journalism at Press Association Training.