Tech

NFT: counterfeits and plagiarism are multiplying, a platform interrupts sales in an emergency

Cent, one of the best-known marketplaces for buying and selling non-fungible tokens (NFTs), has suspended the majority of transactions on its platform due to the proliferation of fake content.

nft market

In front of the proliferation of counterfeits and plagiarized content on its platform, Cent, a leader in the field, has suspended all NFT sales until further notice. Cent CEO Cameron Hejazi said his company had halted transactions for almost all digital assets since February 6 because users kept “ sell counterfeit digital assets “.

For those who don’t know Cent, it’s a small NFT platform famous for selling the first tweet of Jack Dorsey, the former CEO of Twitterjust setting up my twttr for the modest sum of 2.5 million euros. Elon Musk also announced that he was selling one of his tweets on the platform. However, despite an offer of more than a million dollars, the CEO of Tesla finally preferred to give up.

On Cent, many users allegedly put up fake ads for NFTs for sale. Indeed, some were based on images to which they did not own the rightsand others even went as far as copy and transform existing NFTs. ” We were banning offending accounts, but it was like playing a mole game… Every time we banned one, another popped up, or three more popped up said Cameron Hejazi.

It is not surprising to see some users trying to make a lot of money on these platforms. Indeed, we had seen that an Internet user had sold a photo of a trash can for 220,000 euros, and another managed to become a millionaire by selling simple selfies.

As of now, it’s unclear when Cent might reopen NFT trading on its platform. According to Hejazi, Cent will first have to study the measures to be taken to protect content creators. These could even include launching centralized controls as a short-term measure.

Source: Reuters

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