As we know - NFTs are tokens stored on the blockchain that usually contain information about the content. This information often relates to who owns or has access to the content to which the token is linked.
There has been a lot of talk about how NFTs bring scarcity in digital content, with NFTs related to digital art, video and music selling for many dollars.
However, the content any NFT is linked to is often just stored somewhere on a conventional server, making it very easy to pirate. And which could also mean that the content just disappears at some point.
An Australian developer who launched a website called The NFT Bay - a website where fifteen terabytes of stolen NFT content is available! – spoke about the project, saying it was an artistic comment on all the hype that surrounded non-fungible tokens. year.
The brainwashed minds of the NFT phenomenon would argue that what customers are buying when they buy a non-fungible token is not just access – exclusive or otherwise – to the content itself, but official status in relation to the content, either as owner or licensee. And the official status that is confirmed for everyone to see on the blockchain. So they're basically buying bragging rights.
The information page on The NFT Bay – a site designed very much like The Pirate Bay – declares: “Did you know that an NFT is just a hyperlink to an image usually found on Google Drive or another web 2.0 host? People spend millions on instructions on how to download images”
"That's why you can right-click save-as because they're standard images," he continues. “The image is not stored in the blockchain. The image is not stored in the blockchain contract”. “Since web 2.0 web hosts are known to go offline,” he continues, “this handy torrent contains all the NFTs so future generations can study this generation's tulip mania and go 'WTF? We destroyed our planet because of THIS?!"
The creator of The NFT Bay is artist and developer Geoffrey Huntley, who told Vice's Motherboard in a previous interview: “Fundamentally, through The NFT Bay, I hope people will learn to understand what people are buying when they buy NFT art right now is nothing but instructions on how to access or download the image. The image is not stored on the blockchain and most of the images I have seen are on web 2.0 storage, which will probably end up as a 404 which means the NFT has even less value”.
Non-fungible tokens (NFTs) have taken off in 2021 and so have auction houses’ sales of them, with Sotheby’s and Christie’s respectively selling $65 million and $100 million of NFTs this year, Reuters reported Monday (Nov. 8). These sales account for roughly 5.5% of the houses’ contemporary art sales, according to Art Market Research data.
Everything smells of the year 1635 and the famous Dutch tulip mania. During the mania, there was speculation about the price of tulips after they began to be imported from Turkey. The same applies to the NFT market, where it is purely about price speculation, i.e. inventing the price of some art. Throughout history, art has always been bought at hilarious prices, so this is not surprising even for today's art. After all, does anyone have the right to dispute the value of someone's artwork and the right for the artist to decide how much their work will cost.
Even if you download NFT art as a picture from anywhere - you will not be actual owner - you will be in possession of countryfied art.
In one of my next post I will be reviewing Huntley's "One million torrent" to see what deal is that.
Be tuned folks.
Disclaimer:
With this text, I do not support the violation of anyone's copyright nor do I support theft, forgery or any other form of fraud. Also, I do not promote the mentioned site as something I would personally use, nor do I recommend others to use it. The text was written solely for the purpose of information, exchange of opinions and gaining knowledge about the topic.
What do you think about NFT PirateBay? Do you approve it or you are against it? Let me know in comments.
