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Due to plagiarism issues, the Cent NFT Marketplace has been put on hold

Due to plagiarism issues, Cent, one of the first marketplaces to allow consumers to sell tweets as NFTs, has halted nearly all of its business. Cameron Hejazi, the company’s CEO and co-founder, claims that people keep minting NFTs by selling other NFTs or exploiting content that doesn’t belong to them. It’s still possible to buy tweet NFTs on the market.

Cent has a hard time dealing with plagiarism and unauthorized use.

An early marketplace for tokenizing and selling tweets, Cent, has stated it is halting most of its operations due to plagiarism concerns. The NFT sector confronts challenges, according to the company famed for hosting the auction of Twitter founder Jack Dorsey’s first tweet for $2.9 million.

Cent’s CEO and creator, Cameron Hejazi, confirmed to Reuters that the marketplace has been closed since February 6. NFTs of tweets are still being traded on the platform’s NFTs of tweets section. Hejazi explained the reasons for the suspension:

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

According to him, the corporation was compelled by the sheer number of accounts engaging in these activities to take a platform-wide approach. A “whack a mole” game analogy was used by Hejazi.

Issue Facing the Entire Industry

Cent, with barely 150K users, isn’t the only place where this issue occurs. Several other major NFT vendors, including Opensea, have made statements that seem to support Hejazi’s claim that this is an industry-wide 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. Opensea. They overturned this decision since they have seen misuse of this tool, Opensea noted, citing:

“Over 80% of the items created with this tool were plagiarized works, fake collections, and spam.”

There’s been a surge in the prices of some collections because of this boom, which has led to a rise in this fake industry. Other sites, such as Opensea, are developing technologies that can tell if an NFT’s linked material is valid. A short-term option may be to develop centralized solutions to open the market, according to Hejazi.

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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