The Bored NFT Fraud Club

🪙​​🐦 Cent, the company that enabled the NFT sale of Jack Dorsey's first tweet for $2.9 million, halted nearly all buying and selling on its platform earlier this month. The area specifically for selling NFTs of tweets, called Valuables, is the only part of the marketplace that’s currently active.

• CEO and co-founder Cameron Hejazi said the move was driven by three main problems: people selling unauthorized copies of other NFTs, people making NFTs of content that doesn’t belong to them, and ​​people selling sets of NFTs resembling a security.
• “It kept happening. We would ban offending accounts but it was like we're playing a game of whack-a-mole... Every time we would ban one, another one would come up, or three more would come up," Hejazi told Reuters. “I think this is a pretty fundamental problem with Web3.”

+Zoom out: NFT marketplace leader OpenSea last month revealed over 80% of the NFTs minted for free on its platform were "plagiarized works, fake collections and spam."

The company initially attempted to limit the amount of free NFTs to 50 per user, but quickly reversed that decision in the face of public backlash, saying it would instead work on other solutions to deter bad actors.