Insights

NFT Sales SUSPENDED?!

One of the most famous NFTs created was Jack Dorsey’s first tweet which was sold for an astounding $2.9 million. A scary move has been made by the platform that sold that particular NFT. It has stopped most transactions due to rampant fraud! This isn’t the first reports of scams in the NFT space as counterfeits and “wash trading” have all been reported on in the past as sales in the NFT market has climbed into the billions of dollars. 

Reuters stated :

“The U.S.-based Cent executed one of the first known million-dollar NFT sales when it sold the former Twitter CEO’s tweet as an NFT last March. But as of Feb. 6, it has stopped allowing buying and selling, CEO and co-founder Cameron Hejazi told Reuters.

“There’s a spectrum of activity that is happening that basically shouldn’t be happening — like, legally” Hejazi said.

While the Cent marketplace “beta.cent.co” has paused NFT sales, the part specifically for selling NFTs of tweets, which is called “Valuables,” is still active.”

Leave a Reply

Your email address will not be published.