https://ift.tt/1gKqpvM Marketplace Cent Discontinues Activities Due to Rising Plagiarism Issues

• Hejazi likened the experience to a game of “whack a mole.”
• NFTs of tweets are still being traded on the platform’s NFTs of tweets section.

Cent, an early marketplace for tokenizing and selling tweets, has stated it would cease almost all of its operations owing to plagiarism concerns. The firm hosted Jack Dorsey’s first tweet for $2.9 million and acknowledged that the NFT market has its challenges.

CEO and creator of Cent, Cameron Hejazi, told Reuters that from February 6th, all activity on the marketplace had been ceased. NFTs of tweets are still being traded on the platform’s NFTs of tweets section. Hejazi explained why he was suspending his membership:

There’s a spectrum of activity that is happening that basically shouldn’t be happening – like, legally.

Another reason for a platform-wide approach was that two or three others would appear each time the business banned one account engaging in these activities. Hejazi likened the experience to a game of “whack a mole.”

Industry-Wide Issue

Cent, with barely 150K users, isn’t the only place where this issue occurs. Opensea, one of the largest NFT marketplaces in terms of sales volume, seems to support Hejazi’s assertion that this is a widespread issue.

Opensea, a marketplace with over $20 billion in NFT sales volume, said last month that it was limiting its free NFT minting tool to 50 NFT per transaction. However, Opensea has claimed that they have witnessed this technology being misused.

There’s been an increase in the value of specific collections because of this boom, which has spawned a fake industry looking for quick money. Opensea and other platforms are developing tools to determine whether or not the material associated with an NFT is legitimate or not. Hejazi said his organization might turn to centralized solutions to expand the market in the near run.