The reduced availability of NFT marketplace apps on critical platforms such as Apple’s App Store exacerbated the already decreasing demand for NFTs, with NFT transfers occurring as in-app purchases within supported applications subject to a 30% fee.
Non-fungible tokens (NFTs) were all the rage in 2022, and the crypto market was abuzz with record-breaking NFT prices in the millions for the first half of the year. Investors wasted no time, scrambling for “blue chip NFTs” such as CryptoPunks and American NFT designer Beeple’s Human One, which sold for as high as US$23 million ($31 million) and US$29 million, respectively.
However, the rise of hacks and scams in the NFT space has led to dwindling investor confidence. Notable breaches include phishing attacks on NFTs from big-name players like Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club and Cool Cats, which witnessed losses of up to US$3 million as at April.
