BAYC and Azuki Lead the Decline! NFT Market Drops 20% in a Day, Over $2 Million Worth of NFTs Stolen in June

2022 is widely known as the crypto winter, with the NFT market, which already struggles with liquidity compared to the cryptocurrency market, feeling the impact even more. However, in 2023, during the crypto bull run led by Bitcoin, the NFT market seems to be dragged down by various events surrounding the well-known blue-chip Azuki, gradually declining and even experiencing a nearly 20% drop this morning.

BAYC and Azuki Lead the Plunge

According to data from Coingecko, the NFT market experienced a significant drop from early morning to noon today, with several flagship NFT projects leading the decline. BAYC and MAYC fell below the key price levels of 30 ETH and 5 ETH, dropping by 21.3% and 20.8% respectively. The controversial project Azuki also saw a drop of nearly 18%.

A month ago, a similar statistical overview of the NFT market was conducted, and the current comparison with the floor prices at that time clearly shows that prices have nearly halved.

It is worth noting that due to recent controversies surrounding Azuki, its community seems to have lost the unity and resilience it once had. Azuki's floor price has dropped to 6.49 ETH, with a staggering 64% decrease over the past seven days. Related sub-brands Elemental and BEANZ have experienced even larger drops in the past week, with declines of 60% and 75.4% respectively.

NFT Market Cap Halved Within a Year

According to weighted statistics from NFTGo and the Blue Chip Index, which reflects the overall performance of blue-chip NFTs, the index has dropped by over 30% in the past month, indicating a lackluster performance of blue-chip NFTs in the past month.

In addition to the sluggish performance of various NFT projects, the overall market value of the NFT market has gradually declined. Within a year, it has dropped by 53% to approximately 3.3 million ETH, or around 6.3 billion US dollars. The total trading volume has dwindled to only 9.8 billion US dollars, shrinking by over half compared to the peak in February of this year.

PeckShield: Stolen NFTs Mainly Laundered Through Blur

Despite the persistent decline in various NFT projects, scams and thefts related to NFTs continue to emerge.

According to data from PeckShield, in June of this year, NFT collections worth about 2.27 million US dollars were stolen, a decrease of 23% from the previous month. Notably, half of the stolen NFTs were sold on various trading platforms within 160 minutes.

Reportedly, 86% of the stolen NFTs were laundered through the Blur platform, with an additional 13.76% cashed out through OpenSea.