Home Samurai culture NFT market halts most trades due to proliferation of fake and plagiarized tokens

NFT market halts most trades due to proliferation of fake and plagiarized tokens


the company that last year helped Jack Dorsey auction off an NFT of his first tweet for , temporarily halts most transactions to deal with “rampant” sales of counterfeit and plagiarized tokens. In an interview published Friday, Cameron Hejazi, CEO and co-founder of the company, said Cent stopped allowing users to buy and sell most NFTs on February 6. He continues to exploit his marketplace, the place where people can buy non-fungible tokens of tweets, but that’s about it.

“There’s an array of activities that are happening that shouldn’t be happening — like, legally,” Hejazi said. Reuters. He said Cent tried to ban bad actors but likened the effort to a game of whack-a-mole. “Every time we banned one, another would appear, or three more would appear,” Hejazi said.

Last month, OpenSea, one of the largest NFT marketplaces on the Internet, said more than tokens recently created through its free minting tool involved plagiarized work, fake collections, and spam. The admission came after the company attempted to limit the number of NFT users who could strike for free. After reversing the decision, the company said it was working on several solutions to deter bad actors. Prior to the January announcement, artists and photographers had for months that the company had not done enough to address the plagiarism problem.

“I think it’s a pretty fundamental problem with Web3,” Hejazi said. Reuters. In the immediate future, he said Cent may introduce centralized controls to help reopen its market. The company could then later explore more decentralized solutions to the problem.