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Cent, a major NFT exchange, is temporarily closed due to scammers

Cent, the company that last year helped former Twitter CEO Jack Dorsey sell the NFT of his first tweet for $2.9 million, is temporarily suspending the vast majority of all transactions in an effort to address the “rampant” sale of fake and plagiarized tokens. And to go into more detail, in an interview published on Friday, the CEO and co-founder of the company, Cameron Hejazi, told the authoritative publication Reuters that since February 6, Cent has stopped allowing users to buy and sell most NFT tokens.

It continues to run its Value Market, a place where people can buy non-fungible tweet tokens, but that’s about it. “There’s a whole range of things going on that shouldn’t happen in principle — for example, by law,” Cameron Hijazi told the agency. He also said that Cent was trying to ban “bad actors”, that is, those who behave in a dishonest manner on the platform. However, Cameron likened these efforts to hitting the mole. “Every time we block one account, another one or three more appear in its place,” Cameron Hijazi said.

By the way, just last month, OpenSea, one of the largest NFT marketplaces on the internet, claimed that more than 80 percent of all tokens recently created using its free “minting tool” were associated with plagiarism, fake collections, or even spam. . The admission came shortly after the company attempted to limit the number of NFT users who could “mint” the tokens for free. After the decision was reversed, the company soon announced that it was working on several solutions to help deter intruders. Prior to the January announcement, artists and photographers had complained for months that the company hadn’t done enough to address plagiarism issues.

“I think this is a pretty fundamental problem with Web3,” Cameron Hijazi told the same agency. In the near future, Cent may introduce central control for the very purpose of facilitating the opening of its market, he said. Well, a little later, the company could even explore more decentralized solutions to this really massive problem.

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