You don’t need to pay hundreds of thousands of dollars to download a digital image.
That’s the message behind a new site that has made thousands of non-fungible tokens — or NFTs — available to download for free. The NFT Bay, a torrent site that hosts thousands of NFTs, has assembled a large collection of images of NFTs to pay homage to The Pirate Bay.
NFTs, the unique, verifiable digital assets that can be traded on blockchain technology are promoted by advocates. They offer artists a way to cash in on their work and to trade digital images.
But critics argue that, at the end of the day, they’re just images on screens surrounded by a culture of “get rich quick”Scamming and schemes
“What people are buying when purchasing NFT art right now is nothing more then directions on how to access or download an image,”Geoffrey Huntley, the nomadic Australian artist behind this site, said that he called it an “anonymous website”. “educational art project.”
According to its founder, the NFT Bay is home to 17 terabytes of NFTs. This equates to billions in sales.
Geoffrey Huntley, site founder and NFT Bay administrator, estimates that the NFT Bay has 17 terabytes in NFTs. This would translate to billions of US dollars in sales.
After a series NFT-related scams, the project is now complete.
In one September incident, an employee at the $1.5 billion Mark Cuban-backed NFT marketplace OpenSea was busted buying certain digital art pieces just before they were about to be displayed on the marketplace’s homepage, boosting their value.
Investors spent millions on a variety of products in October. “Evolved Ape”Vice reported in October that NFTs were created by an anonymous developer and vanished with $2.7 million worth crypto.
Geoffrey Huntley (Australian artist behind NFT Bay), wrote release notes. “educational art project.”THE NFT BAY
“The greed/scamming going on is sickening,”Huntley.
NFT critics praise the project on Twitter.
“More than anything else I’ve seen or read, this torrent may finally disabuse anyone of the notion that NFTs have inherent value,”One user wrote.
“Sell your NFTs everyone; the party is O V E R !”One thing led to another.