NFT marketplace, Cent, has put a temporary block on most of its transactions following a surge in illicit behaviour in the industry. Therefore, the platform that sold Jack Dorsey’s first ever tweet will halt trading until a solution is found.
CEO and co-founder, Cameron Hejazi, cited “rampant” fraud as the reason for the move, adding that the majority of items listed were either fake collections, unauthorized copies or NFTs that resemble securities. All forms of behaviour that are illegal in the centralized world, but are as yet unpoliced in the current ecosystem. A problem not isolated to the Cent marketplace, but occurring throughout the NFT sphere.
Going forward, the Cent Marketplace has acknowledged that it may deploy centralized controls as a short-term measure, while continuing to investigate a robust decentralized solution. Until then however, the majority of transactions on the platform will remain suspended, with the only exception being the service that allows users to mint tweets as NFTs.
Unfortunately, as awareness of the NFT space grows, so do the number of people looking to exploit it. Market leader, OpenSea, recently reported that up to 80% of items listed via its recently deployed “lazy minting” service were suspect. Kudos to Cent then, for taking a stand.
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*All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.
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