Founder shuts down platform that sold Dorsey’s tweet as NFT – RT Business News

US-based NFT Market CEO Cent shut down the platform on February 6, due to people selling fake and illegal content.

There’s an array of activities that happen that basically shouldn’t happen – like, legallyCEO and co-founder Cameron Hejazi told Reuters on Saturday. He said the findings found the market was awash with plagiarism and “crawling“counterfeits, with people selling unauthorized copies of other NFTs, making NFTs of content they don’t own, or selling sets of NFTs that look like a title.

[They were] hit and hit and hit counterfeit digital assets,” he said. The term “mint” refers to the creation of NFTs (non-fungible tokens), which are cryptographic assets in the form of digital files such as images, videos, music recordings or texts. Anyone with internet access can mint an NFT, while ownership of the token may not be tied to ownership of the item the token is based on.

It kept happening. We banned offensive accounts, but it was like we were playing a game of moles… Every time we banned one, another popped up, or three more popped upsaid Hejazi.

Cent is a relatively small NFT marketplace with 150,000 users and revenue”in the millionsbut notable for hosting one of the first publicly known million dollar NFT sales when it sold former Twitter CEO Jack Dorsey’s first tweet as an NFT last March.

Hejazi said Cent may reopen after owners explore measures to protect content creators. These may even include launching centralized controls as a short-term measure.

According to the CEO, the problem of counterfeit NFTs is growing across the digital data industry.

I think it’s a pretty basic problem… We realized a lot of it was money chasing money,” he said.

OpenSea, the largest NFT marketplace with a valuation of $13.3 billion, revealed last month that more than 80% of NFTs minted for free on the platform were “plagiarized works, fake collections and spam.

The unauthorized use of digital data by the creators of NFTs has already resulted in a number of lawsuits. Earlier this month, Nike sued an online retailer who profited from the unauthorized NFT sale of its sneakers.

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