• In May 2023, NFT thefts totaled $2.95 million, raising questions about the security of the market.
• Despite the decline in overall NFT volumes, Blue Chips experienced increased demand and competition amongst marketplaces remained healthy.
• Data from Dune Analytics and NFTGO indicated a surge in demand for Blue Chips and an increase in holders/traders of NFT collections over the last week.
In May 2023, stolen Non-Fungible Tokens (NFTs) amounted to $2.95 million, causing questions to arise about their security on various marketplaces. Despite a decrease in overall volumes, Blue Chip NFTs continued to attract demand and generate competition between marketplaces.
PeckShield data revealed that stolen NFTs had risen by 8.7% since April 2023. The majority of these were sold on Blur marketplace – 91%, compared with 70% in April – while OpenSea accounted for 7.25%.
Crypto Quant’s Woominkyu showed a steady decrease in the trade volume since its peak in April 2022; suggesting a cooling of the market following rapid growth experienced throughout 2021.
Blue Chip Performance
Data from NFTGO highlighted a spike in demand for Blue Chips over the past week; with Bored Ape Yacht Club [BAYC] and Azuki leading the charge according to DappRadar’s stats on volume and sales.
The rise of stolen NFTs has prompted questions about their security on various platforms, however despite this activity Blue Chip tokens attracted increased demand throughout May 2023 – indicating resilience within the marketplace as well as potential for future growth going forward