Blockchain research firm Elliptic revealed on Wednesday August 24, 2022, that more than USD 100 million Non-Fungible Tokens (NFT) were stolen throughout 2022.
According to Elliptic, this theft was driven by the massive development of digital assets, so the thieves chose digital assets as their new target.
NFTs are blockchain-based assets that represent digital files such as images, videos or text. This digital asset exploded in popularity in recent years. Many companies to famous personalities collect to launch their own NFT.
The NFT market soars in 2021 as crypto investors spend billions of US dollars on the asset, hoping to make a profit as the price of NFT could rise. But since cryptocurrency prices fell in May and June this year, NFT prices and sales volumes have fallen.
Fraud remains rife in the NFT market even as prices and volumes decline, with July seeing the highest number of NFTs reported stolen.
“Security compromises through social media have soared, accounting for 23 percent of NFT thefts by 2022,” reads the Elliptic report, quoted from Channel News Asia, Thursday 25 August 2022).
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