The Importance Of NFTs

NFTs are an extremely popular futuristic art form, with a growing fanbase. NFTs have been introduced to the mainstream. While the attention has been very positive in boosting sales for many artists, this means they are more susceptible to hacks. There was over $41 billion spent on NFTs in 2021 (Fortunly). The second biggest NFT hack ever happened in March 2022. 173,600 ether tokens and 25.5 million USD coins were taken, worth around $620 million. Many popular NFT’s were stolen, including the viral Bored Ape Yatch Club NFTs. The hackers were able to hack private keys and make fake withdrawals. Ronin, the NFT platform was ultimately able to retrieve some of the tokens. Ronin is going to reach out to major blockchain security and analyst company Chainalysis, according to a blog post from April 5, 2022. Their currency the Ronin Token (RON) has fallen over 14.88% from Market Cap according to Coinmarket. For more background information on NFT’s as a whole visit https://www.theverge.com/22310188/nft-explainer-what-is-blockchain-crypto-art-faq.