Cent, the company that last year helped Jack Dorsey auction off an NFT of his first tweet for €2.5 million, has temporarily halted most transactions to address "rampant" sales of fake and plagiarized tokens.
In an interview published on Friday with Reuters and also collected by the North American media Engadget, Cameron Hejazi, CEO and co-founder of the company, told Reuters that Cent stopped allowing users to buy and sell most NFTs on February 6. It continues to operate its Valuables marketplace, the place where people can buy non-fungible tweet tokens, but that's about it.
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"There's a spectrum of activity that's going on that basically shouldn't be going on, legally," Hejazi told Reuters. He said Cent has tried to ban bad actors, but likened the effort to a game of whack-a-mole. “Every time we banned one, another one came up, or three more came up,” Hejazi said.
Last month, OpenSea, one of the largest NFT marketplaces on the internet, said that more than 80 percent of newly created tokens through its free creation tool involved plagiarized work, fake collections, and spam. The admission came after the company tried to limit the number of NFTs that users could mint for free.
After reversing the decision, the company explained that it was working on various solutions to deter bad guys. Prior to the January announcement , artists and photographers had complained for months that the company hadn't done enough to address the problem of plagiarism.
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