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Marketplace Power Struggle Rises As NFT Theft Drops By 30%

Lately, fraud and theft have troubled the NFT industry. Fortunately, in March, theft occurrences have reduced by 30%. PeckShield reported that almost three-quarters of the NFTs that were stolen had been initially sold through Blur, with an additional 19.5% being sold on OpenSea.

Compared to February, the NFT marketplace had a 30% decrease in thefts in March, indicating improved security measures. Per PeckShield’s tweet, the NFT industry witnessed the theft of nearly $11 million worth of NFTs, which shows a 30% reduction from about $16 million in February. In January, there was over $4.3 million worth of NFTs stolen.

Sales Of Stolen NFTs Are The Highest On Blur Marketplace

According to PeckShield’s findings, 50% of the stolen NFTs were sold rapidly in less than two hours. Blur was the first platform for almost 75% of the stolen NFTs, with an additional 19.5% sold on OpenSea.

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PeckShield’s tweet included an image demonstrating that thieves increasingly use Blur to sell stolen NFTs. March saw many stolen NFTs selling on Blur, an unusual trend. Previous months showed a minor increase, so it is yet to be determined whether this trend will continue.

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The NFT marketplace’s rapid growth has made it a prime target for malicious actors. They employ various methods, such as website compromise or phishing, to illegally claim these assets. Bored Ape Yacht Club has also been a victim of these attacks, making it a perfect mark for attackers.

Hackers may have been utilizing Blur to sell stolen NFTs more frequently due to the platform’s increased popularity. Blur secured 69% of the monthly Ethereum volume in the previous month, whereas OpenSea accounted for 20%.

Nevertheless, there are concerns regarding the platform’s integrity. On-chain analytics platform, CryptoSlam, has accused Blur of engaging in market manipulation and other suspicious activity.

Researchers from CryptoSlam claim that the NFT exchange is artificially inflating sales volumes.

NFT Sales Hit $4.7 Billion In 2023 Q1

The NFT industry reached $4.7 billion in net sales volume in Q1 2023. But, there has been a 9.7% decrease in the volume of distinctive active daily wallets compared to the previous quarter.

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This past quarter’s total worth of stolen assets is $373 million, indicating a staggering 92.6% decline from the $5 billion stolen in the previous quarter.


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📰 Also read:  South Korea To Regulate Its NFT Industry, To Introduce Guidelines

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Bradley Nelson

Bradley Nelson is a US based cryptocurrency news writer for Tokenhell, he helps readers stay up to date with the latest trends and news from the blockchain and crypto world. Bradley has been a crypto enthusiast since 2018.

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