Cent, whose first Tweet of Jack Dorsey sold as NFT for $2.9 million, announced that most of its NFT sales have been discontinued. The reason for the cessation of sales was explained that people were selling content that did not belong to them.
The founder of the platform said that fake sales are a “key problem” in the fast-growing digital asset market.
NFT sales reached $25 billion in volume in 2021.
Cent Decides to Stop Selling Due to Fake NFTs
As it is known, NFTs are known as digital files that represent the ownership of an image, video or text. Although anyone paying transaction fees can create these NFTs, these items cannot be truly owned. Therefore, the rate of crimes such as fraud and forgery is quite high in this market.
Cent, a US-based platform, came to the fore in March when the former Twitter CEO sold his first tweet and made the world’s first million-dollar NFT sale. The company’s founder and CEO, Cameron Hejazi, said in his statement that NFT will no longer be bought and sold on the platform.
Hejazi said: “There were activities on our platform that were not legally supposed to take place.”
Although Cent’s NFT sales market “beta.cent.co” has stopped its sales, the “Valuables” part, which mediates the sale of Tweets as NFT, still continues its activities.
Regarding NFT sales, Hejazi listed the problems as follows: “People sell copies of other NFTs they have obtained without permission, produce NFT content that does not belong to them, and sell NFTs that look like securities.”
“Illegal Activities in NFT Markets Are Very Common”
Cent CEO also said that such illegal activities have become extremely common on their platform: “This kind of thing happens all the time. As we ban one of such accounts, three more pop up.”
Cent is a small-scale NFT platform, with a user base of 150,000 and a revenue of “million dollars”. Hejazi stated that fake and illegal content is a problem in the entire NFT industry.