Artist behind The NFT Bay says project is a warning to potential NFT buyers
Digital Business News
By Chris Cooke | Posted on Monday, November 22, 2021
The Australian artist and programmer who started a website called The NFT Bay – a website providing fifteen terabytes of slashed NFT content – spoke about the project, saying it is an artistic commentary on the whole thing. hype that surrounded non-fungible tokens this year.
NFTs are tokens stored on a blockchain that usually contain information relating to content, physical or digital. This information often relates to who owns or has access to the content to which the token is linked.
Much has been said about how NFTs are making digital content scarce, and NFTs related to digital art, video, and music sell for millions of dollars. However, the content that an NFT is linked to is often just stored on a conventional server somewhere, which makes it very easy to hack. And that could also mean that the content disappears at some point.
Supporters of the NFT phenomenon would argue that what buyers buy when they purchase a non-fungible token is not simply access – exclusive or otherwise – to the content itself, but official status with respect to the content, as owner or licensee. . And an official status that is confirmed for everyone to see on the blockchain. So basically they’re buying bragging rights.
But critics of NFT say it’s crazy spending millions of dollars to buy a digital file that will inevitably be copied and shared – and therefore available for free – on the internet.
An information page on The NFT Bay – a website designed to look like The Pirate Bay – states, “Did you know that an NFT is just a hyperlink to an image that is typically hosted on Google Drive or another web 2.0 host? People drop millions on instructions on how to download pictures ”.
“That’s why you can right-click on Save As because these are standard images,” he continues. “The image is not stored in the blockchain. The image is not stored in the blockchain contract ”.
“As Web 2.0 hosts are known to go offline,” he continues, “this handy torrent contains all of the NFTs so that future generations can study this generation’s tulip mania and collectively become ‘WTF? We destroyed our planet for THIS ?! “
The last part of this statement refers to the phenomenon and the crash of the “tulip mania” of the 17th century, while the final exclamation relates to concerns about the environmental impact of NFTs and the blockchains on which they are based.
The creator of The NFT Bay is artist and programmer Geoffrey Huntley, who told Vice’s Motherboard last week: “Basically, I hope that through The NFT Bay, people learn to understand what people are buying when they buy NFT art right now, it’s nothing more than instructions on how to access or download an image. The image is not stored on the blockchain and the majority of the images I have seen are hosted on Web 2.0 storage, which will likely end in 404, which means NFT has even less value.
Huntley adds that he believes there is probably something of value to the basic proposition of the NFT phenomenon – albeit not in the way this phenomenon is currently run, and not necessarily built on 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 deploy the ability to display flair on a social network profile that will be a turning point ”.
“We’re seeing how people are flipping over Twitter’s blue verified check mark – now think about how social media will change when they get the option to post verifiable proof of membership rather than adding the words to.” a social media biography. All of this, however, could be achieved without blockchain ”.
Do whatever you like with all of this.