An NFT Marketplace Is Forced To Take A Break Due To Massive Counterfeiting

Cent has been allowing a transaction volume worthy of its name lately… or not even that much.


Cent was the US NFT marketplace where the NFT for the first tweet from Jack Dorsey, the former CEO of Twitter, was put up for a bid. It was then bought for $2.9 million in cryptocurrency. There is not much money moving on Cent as transactions have been suspended. Cameron Hejazi, the CEO of Cent, explained to Reuters why such a serious step had to be taken…

According to Hejazi, many people were trying to sell fake, non-genuine digital assets, and it was getting pretty out of hand on the platform. “It kept happening. We would ban offending accounts, but it was like we’re playing a game of whack-a-mole… Every time we would ban one, another one would come up, or three more would come up.” Cent users sold image-based NFTs they did not have the right to, posted copies of other NFTs on the marketplace, or even sold NFTs that attempted to resemble other commercially available assets.

Cent has 150,000 users, but it is not alone in this problem: more significant NFT marketplaces (such as OpenSea, the current market leader) also struggle with counterfeiters. OpenSea recently placed a fifty-item limit on its free NFT-marking tool because (as they explain on Twitter) “over 80% of the items created with this tool were plagiarized works, fake collections, and spam.” OpenSea has since lifted the limit at the request of users. So (nomen est omen) counterfeiting may be flowing like the open sea again. But that’s not our problem anymore.

Hejazi summed up the current state of the NFTs perfectly well with this sentence: “We realized that a lot of it is just money chasing money.” But then again, there will be those who won’t back down (Ubisoft, Square Enix, SEGA). Still, we’ve already seen several cases where they backed out or reconsidered after the announcement (Electronic Arts, GSC Game World with S.T.A.L.K.E.R. 2, Team17 with MetaWorms).

Source: PCGamer

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BadSector is a seasoned journalist for more than twenty years. He communicates in English, Hungarian and French. He worked for several gaming magazines - including the Hungarian GameStar, where he worked 8 years as editor. (For our office address, email and phone number check out our impressum)

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