The Cent Marketplace, a decentralized gaming platform for trading virtual items and in-game assets, has recently suspended its NFT trade due to rampant fraud. The company addresses the issue of individuals amassing huge quantities of these digital goods by saying that it’s not because they are more valuable than real world goods but rather because people can’t be trusted. Though there is no regulation on ownership or use of these items, the team promises that this will lead to an improved experience in future releases.
The “nft trading platform” is a website where users can trade digital assets. The site has been suspended due to rampant fraud.
Following a spike in illegal activity in the business, the NFT marketplace Cent has temporarily halted most of its transactions. As a result, the platform that sold Jack Dorsey’s very first tweet has decided to cease trade until a solution is discovered.
Cameron Hejazi, the company’s CEO and co-founder, blamed the decision on “rampant” fraud, noting that the bulk of the products posted were either phony collections, illegal duplicates, or NFTs that looked like securities. All sorts of behavior that would be prohibited in a centralized society but are now unregulated in the present environment. This isn’t just an issue in the Cent market; it’s a one that’s affecting the whole NFT industry.
In the future, the Cent Marketplace has admitted that centralized controls may be used as a stopgap measure while it investigates a more comprehensive decentralized alternative. The bulk of platform transactions will remain halted until then, with the exception of the service that enables users to mint tweets as NFTs.
Unfortunately, as the NFT area becomes more well-known, so does the amount of those wanting to profit from it. OpenSea, the market leader, recently revealed that up to 80% of products advertised via its newly launched “lazy minting” service were questionable. Cent deserves credit for standing up for what he believes in.
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