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HomeNFTNFT marketplace The Cent halts the sales of digital arts due to...

NFT marketplace The Cent halts the sales of digital arts due to fraudulent activities

For the time being, the leading NFT platform, The Cent, has stated that sales of blockchain-backed digital arts have been halted.

Following revelations that certain users were engaging in fraudulent activities on the platform, the company decided to halt the majority of its transactions. To be more specific, bad actors used the anonymity provided by the site to sell products that were not theirs. The Cent shot to fame after selling a screenshot of Twitter’s first tweet for millions of dollars. The platform was one of the first in the area to record a transaction that gained widespread attention and also drew the first known million-dollar NFT purchases.

While the NFT area has since expanded to become an important component of the larger crypto economy, it has also established itself as a giant in its own right, with growth and demand surging despite the wider crypto market meltdown in January.

However, there have been claims and evidence that the NFT area is rife with scams, counterfeits, and “wash trading.” The magnitude of the rot in the NFT space was disclosed in a recent Chainalysis analysis.

This has caused the Cent marketplace “beta.cent.co” to temporarily suspend its NFT sales option; nevertheless, NFT tweet sales are still quite active.

Related: CryptoPunks NFT sold for 8,000 ETH

Kunal Krishan
Kunal is an investment space writer who firmly believes investment is something which should not be a choice but a part of everyone's life.
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