The community is still concerned about the security and safety of blockchain platforms, even if NFT theft fell in March compared to February.
The use of NFTs to commercialize digital assets by artists, entertainers, and even sports groups has recently increased in popularity. Nonetheless, the NFT theft of these digital assets raises significant concerns about their safety and security.
The thefts of digital assets totaling an astounding $10.9 million in March 2023 left NFT in disarray. This shows a reduction in NFT theft of 32.72% from the previous month. This number also demonstrates that it has increased by more than twofold from the first month of 2023.
Half of the stolen NFTs were sold on various sites two hours following the theft. Although the identity and motives of the offenders are unknown, experts believe that this is just the beginning and that other incidents like this are very likely.
Further examination revealed that 74.9% of the stolen NFTs were sold on the well-known digital art website Blur, where a sizeable chunk of the stolen NFTs were initially sold. 19.5% of the stolen NFTs were subsequently sold on OpenSea, a more well-known marketplace.
Blur is a freshly developing NFT market that faces fierce competition from Opensea. In response to the growing demand for NFTs, the industry is constantly changing, with new platforms and markets forming. Also, there is a chance for digital assets to have more liquidity options.
Yet in March, NFT trading volume substantially decreased. NFT transactions decreased by 31.42% month over month in March, from $1.03 billion in February to $882.89 million on April 3.