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Elliptic nfts 100m july 300k 8m July 5 (Reuters) – The NFT dream is not extinguished, but it has taken a significant non-fungible blow.
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The market dazzled last year as crypto-affluent speculators poured billions of dollars into these speculative assets, inflating prices and profits. However, now, six months into 2022, the outlook is bleak.
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In June, the monthly sales volume on the largest NFT marketplace, OpenSea, plummeted to $700 million, down from May’s $2.6 billion, and a far cry from the peak of nearly $5 billion seen in January. By late June, the average NFT sale price had dwindled to $412, down from $1,754 at the end of April, as reported by NonFungible.com, which monitors sales on the Ethereum and Ronin blockchains.
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“The crypto bear market has undeniably impacted the NFT space,” stated Gauthier Zuppinger, co-founder of NonFungible.com.
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“We witnessed a great deal of speculation and hype surrounding these types of assets,” he added. “Now, we are observing a decline as people realize that they won’t become millionaires overnight.”
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The NFT market’s decline aligns with the fall in cryptocurrencies, which are often used to purchase these assets. This is occurring at a time when central banks have raised interest rates to combat inflation, and risk appetite has diminished.
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Bitcoin has lost approximately 57% in the first half of the year, while ether has seen a 71% decrease.
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Over the twelve months ending in July, non-fungible tokens (NFTs) with a total value of $100.6 million were reported as stolen, as revealed in a recent report from blockchain analytics company Elliptic.
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Thanks to the crypto market downturn, the peak value of stolen NFTs was reached in May at $23.9 million, but it subsequently declined to a mere $5 million in June and further dropped to $3.9 million in July.
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Interestingly, although the value of stolen NFTs decreased, the number of theft incidents continued to rise, surging from 3,473 cases in May to 3,712 in June and further escalating to 4,647 in July.
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Elliptic’s findings also revealed that over $8 million in illicit funds have been laundered through NFT-based platforms since 2017. Additionally, an additional $328.6 million found its way through services such as cryptocurrency mixers for the purpose of laundering.
