• NFT thefts amounting to $2.95 million in May raised concerns about the market’s security. 
• Despite a decline in overall NFT volumes, Blue Chips experienced increased demand.

Recent data from PeckShield, a crypto cybersecurity firm, has revealed that in May, NFT thefts amounted to $2.95 million. This rise in stolen NFTs has raised concerns about potential repercussions for the market.

#PeckShieldAlert In May 2023, ~$2.95M worth of #NFTs were stolen, marking an 8.7% decrease compared to the previous month.
Within a span of 130 minutes, half of the stolen NFTs were promptly sold on various marketplaces.
The percentage of stolen NFTs initially sold on @blur_io… pic.twitter.com/vzQrR6zrif

— PeckShieldAlert (@PeckShieldAlert) June 1, 2023

Got this NFT for a steal

Interestingly, the percentage of stolen NFTs originally sold on the Blur marketplace skyrocketed from 70% to 91%, compared to April 2023. Opensea, another prominent marketplace, accounted for 7.25% of the listed stolen NFTs.

Despite the increase in thefts, the competition amongst marketplaces remained healthy. According to Dune Analytics, OpenSea represented 51.0% of all trades, while Blur dominated in terms of volume, capturing 56.6% of the NFT trade volume.

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Author: Himalay Patel

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