Cent Halts Most NFT Transactions Due To Proliferation Of Fake And Plagiarized Tokens.

Cent, the firm that assisted Jack Dorsey in auctioning an NFT of his first tweet for $2.9 million last year, is currently stopping most transactions to prevent “rampant” sales of counterfeit and plagiarized tokens.

Cameron Hejazi, the company’s CEO and co-founder, told Reuters that Cent stopped enabling customers to purchase and trade most NFTs on February 6th in an interview published on Friday. It still runs its Valuables marketplace, where customers can buy non-fungible tokens of tweets, but that’s about it.

He stated that Cent has attempted to ban problematic people, but compared the process to a game of whack-a-mole.

“There’s a spectrum of activity that is happening that basically shouldn’t be happening – like, legally. Every time we would ban one, another one would come up, or three more would come up,”

Last month, OpenSea, one of the internet’s biggest NFT markets, revealed that more than 80% of the tokens recently minted using its free minting tool contained plagiarized work, fraudulent collections, and spam. 

The confession occurred when the business moved to limit the quantity of free NFTs that consumers may create. Following the reversal of the decision, the firm stated that it was working on various means to dissuade undesirable behavior.

Prior to the revelation in January, artists and photographers had been complaining for months that the corporation had not done enough to address the issue of plagiarism.

“I think this is a pretty fundamental problem with Web3,” Hejazi told Reuters. He stated that in the near future, the platform may implement centralized controls to enable the restoration of its marketplace. Later on, the firm might look at more decentralized solutions to these problems.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Patrick

Coincu News