In July, the total value of stolen non-fungible tokens (NFTs) stood at $1.73 million. The figure collapsed by 31% from the previous month and by 89% from February’s level, according to PeckShield.
Experts noted that half of the stolen NFTs were sold within 165 minutes. The bulk of the trades occurred on the Blur marketplace — 67.3%, followed by OpenSea with 19.63%.
The decline in the total value of stolen NFTs over the month correlates with a contraction in the sector’s key metrics.
According to The Block, trading volume in July fell by more than 17% relative to June.
Since the start of the year, the number of unique wallets trading NFTs, the number of traders and trades have also fallen.
Earlier in June, analysts noted a decrease in volume of NFT royalty payouts to a two-year low.