Cent NFT Marketplace is Ceasing Operations Following Plagiarism Concerns

Cent NFT Marketplace is Ceasing Operations Following Plagiarism Concerns

Cent, one of the first marketplaces to allow people to sell tweets as NFTs, has halted virtually all activity due to plagiarism-related issues. 

Cent fights Unauthorized Use and Plagiarism

According to an interview on February 13, its CEO and co-founder, Cameron Hejazi, people continue to sell NFTs of other NFTs or use content that is not owned by them originally to mint these tokens. Twitter NFT sales are still active. The company, known for selling Twitter founder Jack Dorsey’s first tweet for $2.9 million, recognized the problems facing the NFT industry.

Cameron Hejazi, Cent’s founder and CEO, stated that activity on its marketplace had been halted. However, the part of the platform dedicated to trading NFTs against Tweets is still active. According to Hejazi, the reasons for the suspension are:

There’s a whole range of activities that basically shouldn’t happen — legally, for example.

He further explained that the company was forced to take a platform-wide approach as every time it banned an account involved in these activities, two or three would pop up. Hejazi compares this to a “whack-a-mole” game.

An Industry-wide Problem

However, this problem is not unique to Cent, which only has 150,000 users. According to Hejazi, this is an industry-wide problem and a statement from Opensea (one of the largest NFT markets by volume) seems to confirm this.

Last month, Opensea, a marketplace with more than $20 billion in NFT sales, reportedly announced that it would be expanding its free NFT mining tool to include a limit of 50 NFTs. While overturning the decision, Opensea said they saw the tool being abused, stating:

Over 80% of projects created using this tool are plagiarism, fake collections and spam.

The boom in this market has pushed up the prices of some collections and created a market for fakes looking for easy profits. Opensea and other platforms create tools to determine whether NFT-related content is actually legitimate. Hejazi also said his company could try to implement a centralized solution to open up the market as a short-term measure.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

Share this :