US NFT Exchange Declares Trading Halt... "Fake and Plagiarized NFTs Rampant"

Founder of NFT exchange Cent, Cameron Hejazi

[Asia Economy Reporter Jeong Hyunjin] Last year, a famous American NFT marketplace that sold the first tweet by Twitter founder Jack Dorsey as a non-fungible token (NFT) has halted NFT trading after identifying numerous people listing NFTs of content they do not own.

According to major foreign media on the 13th (local time), Cameron Hejazi, founder of the NFT marketplace Cent, announced on the 6th that most NFT transactions through his platform have been suspended. He said, "Basically, multiple illegal activities that should not be happening are occurring," calling it a "fundamental problem."

Founder Hejazi pointed out three main issues: ▲ replicating and selling other NFTs without permission, ▲ creating NFTs from content they do not own, and ▲ selling NFT bundles as if they were securities. He stated, "The problem of creating counterfeit digital assets is rampant," adding that although accounts with issues are banned, "new accounts keep appearing like playing a game of whack-a-mole."

These problems have raised concerns as global companies are increasingly entering the NFT business. Previously, OpenSea, the largest NFT marketplace valued at $13.3 billion (approximately 16 trillion KRW), revealed last month that 80% of NFTs created for free on its platform were plagiarized, counterfeit, or fraudulent. OpenSea pointed out, "Selling NFTs using plagiarized content violates our policies."

This content was produced with the assistance of AI translation services.