Report: Non-Fungible Tokens (NFTs) Stolen Total $100M  

Non-fungible digital assets are stolen totaling to 100million in the year to July. Elliptic reveals!!!

The cryptocurrency is set to benefit different artists and permanently solve any problems of monetization 

More than $100 million worth of these blockchain-based assets (NFTs) were reported stolen in scams over the past year. According to the study by Elliptic. Over 4,600 NFTs were stolen in July, this was the highest record set since Elliptic began tracking the Whereabouts of the NFTs.

The blockchain research firm Elliptic said on Wednesday (Aug 24), that the fast-emerging digital asset became a new front in crypto’s hacking problem. Elliptic is the global leader in crypto asset risk management for crypto businesses and financial institutions worldwide.

Like cryptocurrencies, NFTs are largely unregulated. Anybody can create and sell an NFT and there is no guarantee of its value. Losses can stack up if the hype dies down. In a market where many participants use pseudonyms, fraud and scams are also a risk. Regulators continue to look into the risks that often occur when buying and selling NFTS.

" Not a good Art #2 "

If you look into the page, you will see it talks about NFTs and social platforms.

You are free to share your views. Also keep your NFTs safe. $100million worth nfts stolen this year so far. #NFTCommunity #nftart pic.twitter.com/lgjmm5Kf6r

— Arpit | ScaleX Finance (@titanarpit_) August 25, 2022

The Non Fungible digital assets have become popular in art, music gaming sports, and entertainment. For artists, NFTs could solve the problem of how they can monetize digital artworks. Artists are able to earn through NFTs and manage how they monetize digital artwork. Crypto attacks are increasing in frequency, victim losses are skyrocketing, and hackers are shifting their targets.

American rapper Pitbull, aka Mr. Worldwide, has decided to enter the NFT space. The 40-year-old singer has entered into a multi-year deal with one for an undisclosed amount of money. For starters, Pitbull will evangelize OneOf and is expected to launch his own NFTs later.

The development comes at a time when several artists including Pitbull himself have gathered in Miami, USA, for a OneOf World event. Music-focused NFT platform OneOf is trying to spread awareness about the space among music artists and enthusiasts.

NFTs are digital collectibles inspired by real-life articles, celebs, and artworks. The ownership of these valuable virtual collectibles is locked on the blockchain network. Fidenza, a digital artwork number 938 called “God Mode” has been declared the first and most expensive NFT in the history of the industry costing around $8.5 million (roughly Rs. 63 crores) and is owned by rapper Snoop Dogg.

Open Sea is the biggest NFT marketplace,  You Could Buy This Italian Superyacht With Cryptocurrency or NFTs.
Earlier this year, the music industry’s most prestigious awards The Grammys also partnered OneOf for a three-year series of NFT

with the rapid expansion of Cryptocurrencies, the development of crypto infrastructure, and vulnerabilities like crypto mixers or tumblers

Crypto attacks are increasing in frequency, victim losses are skyrocketing, and hackers are shifting their targets. Scammers seem to have benefited from the digital asset that has exploded since the genesis of the year.
The thieves receive over 300000 per every successful scam. The true scale of NFT thefts is likely to be even higher, given that not all crimes are publicly reported, it added NFTs is seen as a digital way for virtual possession and can define the social or personal state of an individual. To some people having an NFT in your possession is equivalent to owning a pair of Jordans.