Non-fungible token (NFT) platform Cent has halted most digital assets transactions on its marketplace amid growing concerns about fraud and counterfeit in the industry. The company said it’s currently exploring solutions to the issues, but it is unclear when it will return to business as usual.
Cent is the company behind the $2.9 million dollar sale of the NFT of the Twitter CEO’s first ever tweet. It has a marketplace designed for the sale of tweets as digital collectibles called “Valuables” which is still operating. However, its primary NFT marketplace where people mint and sell art, music and photography has stopped sales, although users can still mint NFTs.
Wrongdoings in the NFT industry are not news. Initially, digital assets were touted for their transparency and traceability associated with blockchain. Still, consumers and producers alike quickly realized that the technology can be exploited for unethical and even illegal profit.
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