NFT riddle

Although the value of NFTs, whose star was shining with the global epidemic from 2020, decreased, their global sales showed their best performance since the second quarter of 2022 in the first quarter. Sales in the NFT area continue to be active, especially with the influence of sports clubs. This week we’ve scrutinized the NFT boom.

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One of the important technological developments of recent years, NFTs are the focus of the sports world in particular. Lastly, Manchester City player Alex Greenwood designed three original NFT sneakers for OKX’s Collecti and Metaverse Exhibition. In NFT, one of the favorite areas of the crypto industry, sales continue to increase despite the fluctuations in the market value. It was the shift to benefit-centered projects with long-term value that saved NFTs. NFTs, whose star has shone with the global epidemic since 2020 and created a new ‘digital ownership‘ approach with the possibilities of blockchain technology, started the first quarter of 2023 fast. According to DappRadar’s report, NFTs identified with digital artworks completed the first quarter of the year with a sales volume of 4.7 billion dollars.

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The NFT market increased 137 percent in the first quarter, showing its best performance since the second quarter of 2022. The total number of NFTs sold in the first three months of the year was announced as 19.4 million, with sales increasing by 8.56 percent compared to the previous quarter. Emphasizing that 2020 is a turning point for NFTs, Goidea Founder Mesut Bingül said, “NFT redefines the relationship between artist and art lover and, in a sense, democratizes art. As NFT investors are among the first members of the community for a newly announced NFT collection, they can have artifacts that have the potential to increase in value in the first days. This technology is based on a strong relationship of trust between the owners and followers of the projects.


On the other hand, according to the report of Crystal Blockchain, cyber attackers made 19 breaches in the first quarter of 2023, and a total of $119 million worth of cryptocurrencies were stolen in these breaches. The report revealed that in the largest phishing attack ever this year, the breach of NFT collector Kevin Rose’s personal NFT wallet in late January resulted in a loss of nearly $1 million. On the other hand, the total amount stolen in 199 different cyber security breaches last year was $4.17 billion. Decentralized finance protocols were hacked 13 times more often than centralized exchanges in 2022. The largest DeFi breach of the first quarter of 2023 was identified as the attack on the Bonq DAO in February. The Bonq DAO attack was followed by a breach of the Platypus Finance protocol.

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ATTACKS ON NFT’S CAN BE ORGANIZED Business Development Director, emphasizing that trust in the crypto money ecosystem was shaken by the negativities experienced in 2022 and the news of successive breaches, “The continuation of similar events in the first quarter of 2023 makes secure crypto money platforms critical for investors.” said. Stating that as the crypto ecosystem is adopted by more people, malicious attackers try different methods to get a share from this expansion, Director said, “This can sometimes be an organized manipulation and sometimes a simple phishing attack. On the other hand, hacker groups can attack NFT marketplaces, new DeFi projects, and security-poor cryptocurrency exchanges.

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NFT sales increased 67.57 percent last year, reaching 101 million units. NFT sales in the Ethereum (ETH) ecosystem closed the year as a leader. Sports-focused NFTs doubled the previous year’s volume in 2022, becoming a $2.6 billion market. This figure is expected to reach $41.6 billion by 2032. Sport also harmonizes with the underlying ideas of NFT projects, with concepts such as community and meeting around common values. In the future, NFT will become a digital asset that fans attach special value to, just like a sports club’s scarf or a football player’s jersey.

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