Despite the ongoing crypto bull run, non-fungible tokens (NFTs) are still struggling. On December 25, 2023, two phishing attacks were identified on the Blur platform. According to PeckShieldAlert, a total of 9 NFTs, including Dooplicator 491, LilPudgys 3259, and LilPudgys 3235, were stolen in a bold phishing attack.
As of now, the overall NFT community is finding it challenging to gain momentum after the bull run in April 2021. Despite the web3 market crash, crypto has once again gained momentum, but the industry has experienced losses.
Security breach at NFT trader: Millions in NFTs stolen
Apart from this incident, on December 16, the NFT trading platform NFT Trader experienced a security breach, resulting in hackers stealing millions of dollars worth of NFTs. NFT Trader confirmed the incident on social media and identified the attack targeting old smart contracts. Users were advised to revoke delegations to specific addresses.
The stolen NFTs include 13 Mutant Ape Yacht Club, 37 Bored Ape tokens, as well as VeeFriends and World of Women NFTs, with total losses reaching nearly $3 million, according to estimates from Revoke_cash.
NFT industry’s rollercoaster: From 2021 boom to 2022 setbacks
Following the hack, social media saw rumors and misinformation. It remains uncertain how many hackers were involved. One of the attackers claimed another user initiated the exploit and demanded ransom payments for the return of the NFTs. The situation is still evolving, and investigations are ongoing.
In 2021, NFT adoption skyrocketed as famous brands like Gucci, Nike, Adidas, and many other popular brands entered the market. This adoption influenced investors, and in 2021, they spent over $21 billion on these digital ownership certificates for exclusive content and experiences. However, in 2022, the rapidly adapting NFT industry faced setbacks as major systems crashed, the economy struggled, and there were too many NFTs, some even fraudulent.
Now in 2023, the NFT market is still struggling, but monthly sales are over $415 million, indicating that investors are still looking for NFTs. However, as fraudulent activities persist, the industry is unable to gain momentum, and the number of transactions isn’t growing significantly. Still, the future seems bright with expected growth in money, users, and market value. Additionally, NFTs are being used in loyalty programs and memberships, which is a cool new trend.
