“Rampant” issues relating to minting counterfeit nonfungible tokens, or NFTs, have forced popular platform Cent to halt some operations.
Founded in 2017, Cent kicked off as a “social network and informal platform for creative experimentation.” In 2020, the team also launched an NFT platform called Valuables to mint and auction iconic tweets.
Jack Dorsey’s first tweet, “just setting up my twttr,” sold for $2.9 million on the platform in March last year. On February 6th, the platform ceased NFT trading due to “a spectrum of activity” that “shouldn’t be happening.”
Cameron Hejazi, co-founder of Cent told Cointelegraph:
“People in this space tend to cry ‘caveat emptor’ or ‘buyer beware’ but protecting creators from those who might steal or abuse their work — and protecting buyers from potential fraud— is very important.”
Hejazi told Reuters that the issue was threefold. Firstly, the sale of unauthorized NFT copies, second, the sale of stolen content converted…