NFT Marketplace Cent Suspends Transactions amid Rampant Counterfeiting

The NFT Marketplace Cent, a peer-to-peer trading platform for nonfungible tokens (NFTs) such as CryptoKitties and Magic: The Gathering cards has suspended its operations following rampant counterfeiting on the site. With no recourse in this case, users have taken to social media to voice their complaints about the company’s handling of the situation.

The “nft marketplace halts most transactions rampant” is a problem that has been present for a while. The NFT Marketplace Cent has suspended most of its operations amid rampant counterfeiting.

NFT MCH+/Wikimedia Commons image

Cent, an NFT marketplace, has forced to cease the buying and trading of NFTs due to widespread counterfeiting. Cameron Hejazi, CEO and co-founder, made the choice after a sequence of events that resembled the storyline of a Hollywood film. The exchange is famous for selling an NFT created from a tweet by former Twitter CEO Jack Dorsey for more over a million dollars in bitcoin. It seems that someone have worked out how to sell phony NFTs or NFT clones that they are not permitted to sell.

“There’s a range of activities that’s going on that really shouldn’t be going on – like, legally,” Cameron remarked.

Cent sought to put a stop to the shady behavior by banning accounts. This didn’t help since for every account that was blocked, others would pop up.

“It happened again and again. We’d ban offending accounts, but it seemed like we were playing whack-a-mole… Every time we banned one, another one, or three more, would emerge.”

Plagiarism is clearly an issue for the whole business, not just Cent. OpenSea, the biggest NFT marketplace, has also been working hard to address these difficulties. According to a recent social media post, more over 80% of the minted NFTs on its platform were plagiarized, fraudulent, or spam.

We hear you and apologize to all the artists in our community who have been affected by the 50 item restriction we put to our free minting tool.

The ruling has been overturned. But we’d want to provide some context: pic.twitter.com/Y3igaE1RM2

— January 27, 2022, OpenSea (@opensea)

However, we’ve lately noticed an exponential growth in the abuse of this tool. Plagiarized works, phony collections, and spam made up more than 80% of the things generated using this program.

— January 27, 2022, OpenSea (@opensea)

Hejazi went on to claim that his business is looking into ways to safeguard content producers, but that preventing the illegal behaviors they discovered is difficult. It has temporarily halted sales on its beta.cent.com platform, which concentrates on artwork-based NFTs, but has left the one for tweet-based NFTs operational. He said, “We found that a lot of it is really money chasing money.”

Reuters is the source of this information (via PC Gamer)