The founder of Cent NFT marketplace has announced almost every NFT transaction on its platform is illegitimate.
The statement by founder and Cent CEO Cameron Hejazi on Friday confirmed the news. In fact, the only remaining type of sale still allowed on Cent is NFTs based on tweets. Now, it is the go-to marketplace for this kind of NFT.
Cent sold an NFT token of Jack Dorsey’s first tweet for $2.9 million in October 2021. This sale gave Cent media coverage and helped it gain popularity in the cutthroat NFT marketplace business.
In the statement, the Cent CEO said that from February 6th, the company has halted sales of nearly all digital assets due to “minting and minting and minting counterfeit digital assets.” Hejazi identified three key areas that have caused significant issues. These are copycat NFTs, tokens based on art and assets the NFT creator has no rights to, and tokens claiming financial security.
The CEO of Cent further clarified, “There’s a spectrum of activity that is happening that basically shouldn’t be happening. Like, legally, it kept happening. We would ban offending accounts, but it was like we’re playing a game of whack-a-mole.”
The Cent NFT marketplace is not the first to deal with this issue, and it won’t be the last. As with every business involving large sums of money, there will always be someone trying to steal and scam from it. It is excellent to see Cent actively trying to do something about the issue on their platform.