AN NFTS MARKETPLACE, CENT, BANNED NFT SALES, DUE TO PLAGIARISM AND SELLING FAKE TOKENS

 Karimi & Associates Law Firm represents according to Reuters:

One of NFT or none-fungible tokens marketplace platforms suspends NFT transactions due to rampant fakes and plagiarism after selling  NFT of Jack Dorsey’s first tweet for $2.9 million. The founder of this platform called this a “fundamental problem” in the digital assets market.

By the day to day growing NFT Market, some reports of counterfeits and wash trading have become commonplace. After selling Dorsey’s first tweet NFT, the founder of Cent marketplace said, “There’s a spectrum of activity that is happening that basically shouldn’t be happening – like, legally”.

The founder of Cent, Cameron Hejazi, said that “the issue of fake and illegal content exists across the industry.” He also highlighted the main problems of selling NFTs as, people selling unauthorized copies of other NFTs, people making NFTs of content that does not belong to them, and people selling sets of NFTs which resemble a security. Such problems may come into greater focus as major brands such as Gucci join the rush towards “metaverse” or Web3.

To many NFT-enthusiasts, the decentralized nature of blockchain technology is appealing, allowing users to create and trade digital assets without a central authority controlling the activity.

But Hejazi said Cent company would like to protect content-creators and may introduce centralized controls as a short-term measure in order to re-start the marketplace, before exploring decentralized solutions.

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