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Due to the proliferation of plagiarized and fake tokens, NFT marketplace stops most transactions

Cent The company that helped Jack Dorsey to auction the NFT of his first tweet last year. $2.9 Million To address the "rampant" sale of plagiarized and fake tokens,, temporarily suspends all transactions. Cameron Hejazi, co-founder and CEO of the company, spoke out in an interview on Friday

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Due to the proliferation of plagiarized and fake tokens, NFT marketplace stops most transactions

. Reuters Cent ended the ability to sell and buy most NFTs from users on February 6th. It still operates its website. Marketplace is the place where people can buy non-fungible tokens for tweets. But that's it.

Hejazi said that there is a wide range of activities that are taking place that should not be. He claimed Cent tried to ban bad actors, but he compared it to a game. Hejazi stated that every time one was banned, another would be banned, or even three more.

OpenSea, the largest NFT marketplace on the internet, reported more than 2,000 transactions last month. 80 percent Some tokens created using the free minting tool included plagiarized work and fake collections. After the company tried to limit the number NFTs that users could mint free of charge, the company admitted it had made the admission. The company reversed its decision and stated that it was currently working on several ways to deter bad actors. Artists and photographers had been able to use the Internet before January's announcement. Disputed The company has failed to do enough to address the problem of plagiarism for many months.

Hejazi said that Web3 has a fundamental problem. He suggested that Cent might introduce centralized controls in the near future to allow for a reopening its marketplace. The company could explore later more decentralized solutions.




 

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