Cent, which was the first platform to permit people to trade tweets for NFTs, suspended nearly all activity because of plagiarism. Cameron Hejazi who is also its co-founder and CEO, said that many people sell NFTs from other NFTs or use content they don’t own in order to make these tokens. It is still possible to sell tweet NFTs.
Cent Fights with Plagiarism and Unauthorized Use
Cent, which was the first platform to let users tokenize and then sell their tweets, announced today that almost all of its activities will be suspended due to issues with plagiarism. Famous for the $2.9 million sale of Jack Dorsey’s first tweet, Cent recognizes the problems facing the NFT sector.
Cameron Hejazi (founder and CEO of Cent) told Reuters the marketplace’s activities had been suspended from February 6th. Although the trading of NFTs for tweets has been suspended, it is still being used. Hejazi spoke out about the reasons behind this suspension.
There’s a spectrum of activity that is happening that basically shouldn’t be happening – like, legally.
The company needed to be platform-wide because it would ban accounts involved in illegal activities and then another one or two would come up. Hejazi compared this to playing a “whack a mole” game.
An Industry-Wide Problem
Cent has only 150K users, but this is not a unique problem. Hejazi said that the problem is industry-wide and Opensea statements, which are one of NFT’s largest markets in terms of sales volume seem to support this.
Opensea, an NFT marketplace that has more than $20B in sales, announced last month it would be adding 50 NFT limits to its NFT minting software. Opensea retracted this decision but stated they had seen misuse of the tool. explaining that:
This tool created more than 80 percent of all items.
This forgery marketplace is also thriving due to the boom in this market. Opensea, and other platforms have tools that can detect whether the NFT’s associated content is genuine. Hejazi stated also that his company may seek to create centralized solutions in order to allow the market to be opened as a temporary measure.
What do you think about Cent’s NFT plagiarism issues? Comment below.
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