NFT Market Experiences an Uptick With Rise in Trading Volume
Blockchain analysis firm, Elliptic found that over USD 100m in NFTs have been stolen from the NFT market over the last one year.
The non-fungible tokens (NFTs) market has however seen an unexpected increase in the sales volume over the past 24 hours.
Since yesterday, the overall trading volume of blue-chip NFTs has seen an uptick At 7:00 UTC .
Yuga Lab’s Bored Ape Yacht Club (BAYCs recorded USD 2m in sales and increase of around 35% compared to the day before, based on information from NFT data aggregator CryptoSlam.
Yesterday other blue-chip collections like Mutant Ape Yacht Club (MAYC), Azuki, and CryptoPunks saw their sales volume increase by around 56%, 311%, and 11%, respectively.
The floor price of top NFT collections like BAYC, MAYC, and Otherdeed also increased slightly yesterday, rising by around 9%, 8%, and 6%, respectively.
The spike in the NFT market comes just after Ethereum announced September 6 as the date for the first upgrade leading to the Ethereum Merge. Ethereum plans to fully complete the Merge between September 10 and 20.
According to data by CryptoSlam, NFT sales volume in terms of USD across the Ethereum blockchain have decreased to around USD 12m in recent days, down by more than 98% compared to the all-time high of USD 628m recorded on May 1, 2022.
Over USD 100M stolen in one year
A recent report by Elliptic however reveals that Investors lost over USD 100m in NFTs during the period between July 2021 and July 2022.
The report, titled “NFTs and Financial Crime,” also discovered that NFT-based platforms facilitated the laundering of over USD 8m of illicit funds since 2017, which accounts for 0.02% of trading activity originating from known sources.
Elliptic added that the US government sanctioned Tornado Cash, the mixer service because it was the “laundering tool of choice for 52% of NFT scam proceeds.”
Along with a considerable increase in the amount of decentralized finance (DeFi) hacks this summer, there has also been an uptick in the number of attacks targeting top NFT collections and the members of the NFT community.Â
As reported, BAYC lost ETH 200 worth of digital assets in an exploit.,NFT influencer Zeneca and NFT registration platform PREMINT also fell victim to hacks in mid-July.
Meanwhile, to reduce risks, Solana (SOL)-based wallet provider Phantom has announced a new feature that will burn spam NFTs.