The "Billion Dollar Torrent" - All NFTs Downloadable Free as Images
NFT Bay, which resembles the popular torrent website "The Pirate Bay," allows anyone to download converted JPEG files from all NFTs on the blockchains and for free. NFT images range from CryptoPuppies, Bored Ape Yacht Club, CryptoPunks, Farmers World, and other sites.
The website surpassed 1.2 million visitors in the first 12 hours of its launch.
The creator, Geoffrey Huntley, an Australian software developer, is an ex-cyclist who rides in his van and works remotely to create cutting-edge projects, including the 17-terabyte "billion dollar torrent."
Perhaps Huntley is trying to demonstrate the futility of owning an NFT, a digital image that you cannot physically possess, but can simply see on your screen.
NFT devotees believe that NFT's proprietary certificates, inscribed on the blockchain, demonstrate the uniqueness and value of digital artwork. However, skeptics, including Huntley himself, claim that NFTs are easy to reproduce and therefore invaluable.
NFT Bay is an educational art project, the developer says: “Basically, I hope that through http://thenftbay.org people learn to understand what people are buying when they buy NFT art right now they are nothing more than instructions on how to access or download an image, ”Huntley wrote.
He also warned that most NFTs could end up as dead web pages:
“There is a gap of understanding between the buyer and the seller right now that is being used to exploit people. Usually the image is not stored on the blockchain and most of the images I have seen are hosted on web2.0 storage, which will probably end up as 404, which means that NFT has even less value. "
On the other side
- Property rights are a problem in the NFT market.
- NFT Bay describes the flaws in Web 3.0.
Why should you care?
It's easy to get fooled by the medium, due to a lack of education about what blockchain is and how crypto works. This means that the value and worth of NFTs remains a highly controversial topic.
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