In July 2023, approximately $1.73 million worth of non-fungible tokens were stolen, a decrease of 31% from the previous month. Half of the stolen NFTs were sold quickly on various exchanges, with 67.3% of transactions completed through Blur and 19.63% through OpenSea.
According to PeckShield, a blockchain security firm, this downward trend in NFT stolen correlates with a general decline in NFT interest and market activity.
Overall, NFT trading volumes fell 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 decline in stolen NFT values, the NFT market remains an area of interest for both investors and collectors. However, the recent decline in market activity suggests that caution should be exercised when investing in NFT.
CoinCu previously reported that the UK-based F1 racing team plans to introduce blue-chip Non-Fungible Tokens to the sport at the US Grand Prix in October, giving fans an unprecedented role in the design of their cars .
Meanwhile, Gucci recently made a big splash in NFTs by launching its Vault Material NFT physical exchange feature on its partner platform, 10KTF.shop. After months of anticipation around the 2,896 NFTs minted in March, brand aficionados can now redeem their NFTs for premium Gucci products.
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