NFTs allow artists to create unique digital works, in whatever form can be imagined, and sell these direct to fans and collectors via Blockchain.
Non fungible tokens (NFTs) is the new craze in the cryptocurrency world. Taking advantage of the ongoing craze— an Australian software developer has created an online repository of NFTs called the “The NFT Bay.”
The online repository includes image versions of the NFTs, but not the Blockchain-secured token itself. Geoffrey Huntley, the developer behind the platform, launched The NFT Bay on Thursday.
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According to coin desk, the website contains at least 17.96-terabyte archive of NFT image copies and has attracted a total of 1.2 million visits in just two days. Interestingly, the site has the same layout and logo as torrent website— The Pirate Bay, an online index of pirated digital content of entertainment media and software.
In a statement posted on GitHub, the NFT Bay developer described the website as “an educational art project” so that people will understand and reconsider buying NFT art. The developer believes that through this project people will think wisely before investing into NFTs.
“NFT art right now is nothing more then directions on how to access or download a image. The image is not stored on the blockchain and the majority of images I’ve seen are hosted on web2.0 storage which is likely to end up as 404 —meaning the NFT has even less value, ” Huntley explains. Although Huntley admits that the concept of Web 3.0 “is quite amazing”, however, he points out that the underlying technology is “not so much.”
The Nft Bay
Talking about his early life, Huntley said : “After many previous adventures involving cycling through many countries on a unicycle. I now live a minimalist lifestyle in a van that is slowly working its way around Australia. In a previous life, with friends, we had a small business running computer gaming LAN’s and we ran the first eSport competition in Australia. Somewhere in between that I ran one of the first ever video blogs.”
Meanwhile, in India, the NFT craze is at its peak, with Bollywood celebrities like Amitabh Bachchan, Salman Khan and more recently, Sonu Nigam joining the crypto frenzy.
Some of the highest NFT collections sold are: Jack Dorsey (the founder of Twitter) selling an autographed tweet for $3 Million, singer Grimes selling a 50-second video for $390, 000 and digital artist, Beeple, also selling a unique video, for $6.6 Million.Business News Digital Artist behind The NFT Bay says the project is a warning to potential NFT buyers By Chris Cooke | Published on Monday 22 November 2021
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The Australian artist and programmer who has launched a website called The NFT Bay – a website making available fifteen terabytes of nicked NFT content – has spoken about the project, saying it is an artistic commentary on all the hype that has surrounded non-fungible tokens this year.
NFTs are tokens stored on a blockchain that usually contain information in relation to a piece of content, physical or digital. That information often relates to who owns or has access to the content that the token is linked to.
There has been much talk about how NFTs bring scarcity to digital content, and NFTs linked to digital art, video and music have been selling for mega-bucks. However, the content any one NFT is linked to is often just stored on a conventional server somewhere, making it very easy to pirate. And which might also mean that content just disappears at some point.
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Supporters of the NFT phenomenon would argue that what buyers are buying when they purchase a non-fungible token isn’t simply access – exclusive or otherwise – to the content itself, but an official status in relation to the content, as either owner or licensee. And an official status that is confirmed for everyone to see on the blockchain. So, basically they are buying bragging rights.
But NFT nay-sayers reckon that it’s mad to spend mega-bucks to basically buy a digital file that will inevitably get copied and shared – and therefore be available for free – across the internet.
An info page on The NFT Bay – a website designed very much to look like The Pirate Bay – declares: “Did you know that a NFT is just a hyperlink to an image that’s usually hosted on Google Drive or another web 2.0 host? People are dropping millions on instructions on how to download images”.
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“That’s why you can right click save-as because they are standard images”, it goes on. “The image is not stored in the blockchain. The image is not stored in the blockchain contract”.
“As web 2.0 webhosts are known to go offline”, it continues, “this handy torrent contains all of the NFTs so that future generations can study this generation’s tulip mania and collectively go ‘WTF? We destroyed our planet for THIS?!”
The latter part of that statement refers to the ‘tulip mania’ phenomenon and crash of the seventeenth century, while the final exclamation relates to concerns about the environmental impact of NFTs and the blockchains they rely on.
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The creator of The NFT Bay is artist and programmer Geoffrey Huntley, who told Vice’s Motherboard last week: “Fundamentally, I hope through The NFT Bay people learn to understand what people are buying when purchasing NFT art right now is nothing more than directions on how to access or download an image. The image is not stored on the blockchain and the majority of images I’ve seen are hosted on web 2.0 storage, which is likely to end up as 404 meaning the NFT has even less value”.
Huntley adds that he thinks there is probably something of value to the core proposition of the NFT phenomenon – though not in the way said phenomenon is currently headed, and not necessarily built upon the blockchain.
“The utility (and value) of NFTs will be created through social media platforms”, he added. “For many digital representation is [greater than] physical representation and – if/when – Twitter/TikTok roll out the ability to display flair on a social media profile that will be a turning point”.
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“We see how bananas people go over the Twitter blue verified check mark – now think how social media will change when it has the ability to display verifiable proof of membership vs adding the words to a social media bio. All of this, however, could be achieved without blockchain”.
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If you disable this cookie, we will not be able to save your preferences. This means that every time you visit this website you will need to enable or disable cookies again.Just a few months ago, Jazmine Boykins was posting her artwork online for free. The 20-year-old digital artist’s dreamy animations of Black life were drawing plenty of likes, comments and shares, but not much income, aside from money she made selling swag with her designs between classes at North Carolina A&T State University.
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But Boykins has recently been selling the same pieces for thousands of dollars each, thanks to an emerging technology upending the rules of digital ownership: NFTs, or non-fungible tokens. NFTs—digital tokens tied to assets that can be bought, sold and traded—are enabling artists like Boykins to profit from their work more easily than ever. “At first, I didn’t know if it was trustworthy or legit, ” says Boykins, who goes by the online handle “BLACKSNEAKERS” and who has sold more than $60, 000 in NFT art over the past six months. “But to see digital art being bought at these prices, it’s pretty astounding. It’s given me the courage to keep going.”
NFTs are having their big-bang moment: collectors and speculators have spent more than $200 million on an array of NFT-based artwork, memes and GIFs in the past month alone, according to market tracker NonFungible.com, compared with $250 million throughout all of 2020. And that was before the digital artist Mike Winkelmann, known as Beeple, sold a piece for a record-setting $69 million at famed auction house Christie’s on March 11—the third highest price ever fetched by any currently living artist, after Jeff Koons and David Hockney.
NFTs are best understood as computer files combined with proof of ownership and authenticity, like a deed. Like cryptocurrencies such as Bitcoin, they exist on a blockchain—a tamper-resistant digital public ledger. But like dollars, cryptocurrencies are “fungible, ” meaning one bitcoin is always worth the same as any other bitcoin. By contrast, NFTs have unique valuations set by the highest bidder, just like a Rembrandt or a Picasso. Artists who want to sell their work as NFTs have to sign up with a marketplace, then “mint” digital tokens by uploading and validating their information on a blockchain (typically the Ethereum blockchain, a rival platform to Bitcoin). Doing so usually costs anywhere from $40 to $200. They can then list their piece for auction
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