Cent, the corporate that final yr helped Jack Dorsey public sale an NFT of his first tweet for $2.9 million, is quickly halting most transactions to handle “rampant” gross sales of pretend and plagiarized tokens. In an interview revealed on Friday, Cameron Hejazi, the CEO and co-founder of the corporate, informed Reuters Cent stopped permitting customers to purchase and promote most NFTs on February sixth. It continues to function its Valuables market, the place the place individuals should buy non-fungible tokens of tweets, however that’s about it.

“There is a spectrum of exercise that’s occurring that principally should not be occurring – like, legally” Hejazi informed Reuters. He stated Cent has tried to ban dangerous actors however in contrast the hassle to a recreation of whack-a-mole. “Each time we might ban one, one other one would come up, or three extra would come up,” Hejazi stated.

Final month, OpenSea, one of many largest NFT marketplaces on the web, stated greater than 80 % of the tokens lately created by means of its free minting instrument concerned plagiarized work, pretend collections and spam. The admission got here after the corporate had tried to restrict the variety of NFTs customers may mint totally free. After reversing the choice, the corporate stated it was engaged on a number of options to discourage dangerous actors. Earlier than January’s announcement, artists and photographers had complained for months that the corporate hadn’t achieved sufficient to handle the difficulty of plagiarism.

“I feel it is a fairly basic downside with Web3,” Hejazi informed Reuters. Within the rapid future, he stated Cent could introduce centralized controls to facilitate a reopening of its market. The corporate may then later discover extra decentralized options to the issue.

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