NFT marketplace that sold Dorsey tweet shuts down because it can’t deal with fakes
India Today
Cent, the NFT marketplace, which sold ex-Twitter CEO Jack Dorsey’s first-ever tweet as an NFT, has put the transactions on hold.
Cent, the NFT marketplace, which sold ex-Twitter CEO Jack Dorsey’s first-ever tweet as an NFT, has put the transactions on hold. That is because the marketplace is tired of counterfeits, inauthentic content that people were selling on the platform. The founder of the platform called it a "fundamental problem" that has gripped the digital asset marketplace.
"There's a spectrum of activity that is happening that basically shouldn't be happening - like, legally," said Cameron Hejazi, CEO, and co-founder of the NFT marketplace Cent told Reuters. "It kept happening. We would ban offending accounts but it was like we're playing a game of whack-a-mole... Every time we would ban one, another one would come up, or three more would come up.”
Cent had managed to auction former Twitter CEO Jack Dorsey’s first ever tweet as an NFT. It was one of the first million-dollar NFT sales. But now the marketplace has stopped the buying and selling on its platform. He highlight the three major reasons behind stopping the NFT sales.The first one is people selling unauthorised copies of other NFTs, people making NFTs of content which does not belong to them, and people selling sets of NFTs which resemble a security
The Reuters report states that OpenSea, which is way bigger NFT marketplace than Cent, had said last month that more than 80 percent of the NFTs sold for free on its platform were "plagiarized works, fake collections and spam.” The company said in a series of tweets that it is working through a number of solutions" to deter "bad actors" while supporting creators.
Cent founder Hejazi also assured that his company wants to protect the content creators from counterfeit content and may introduce centralized controls to reopen the market.
Dorsey’s first-ever tweet, which was posted in 2006, read “just setting up my Twitter” now belongs to Malaysia-based buyer Sina Estavi, who owns a blockchain company, Bridge Oracle. The tweet was sold on NFT trading platform Valuables, which is owned by the U.S.-based company Cent. The CEO of Cent, Cameron Hejazi, confirmed that the tweet was bought using cryptocurrency Ether. The tweet was sold for $2.9 million (roughly Rs 210,027,280) as a Nonfungible token.
