Non-fungible token (NFT), collectibles have enjoyed huge popularity over the past year. Billions of dollars have been spent buying these digital items. Many people in crypto believe NFTs are useless and that anyone can click on the NFT image to own the artwork for free. Since NFTs were first introduced, it has been the subject of heated debate. The debate became more controversial when a NFT immutability discussion erupted in March. Crypto supporters pointed out how NFTs were being removed and images were being replaced.
Months later, as NFTs continue their rise in value and popularity , a person tweeted about The NFT Bay, an interesting web portal. “OMG, who clicked all of the #NFTs?” The individual tweeted Thursday. Geoff also left a torrent URL hosted on The NFT Bay , which hosts all non-fungible token assets derived from Solana or Ethereum. Geoff claimed he was heading to bed, but left some press statements behind.
The NFT Bay functions in a similar way to The Pirate Bay (TPB) because it hosts a large number of NFTs derived from blockchain platforms. The link leads to the torrent, where users can use a torrenting site to download the seeded file. The NFT Bay looks very similar to TPB. It uses the same colors as TPB’s website and even has TPB’s logo. You can find a variety of NFTs on the main page, as well as filters to NFTs from collections such Cryptopunks, Bored Ape Yacht Club and Axie Infinity.
This is art. https://t.co/eKrqtrkMga
– Sos Sosowski (@Sosowski) November 18, 2021
Geoff tweeted about “The Billion Dollar Torrent”, which has a file that can be used to create NFTs using Ethereum and Solana. It also states that you can buy these NFTs if you like them. Artists who commit fraud need our support.
The party is over! https://t.co/FGgAblfI38
– Sp3cPT November 18, 2021
Geoff’s press releases ask why he did this, and Geoff answers that it was because of ‘Art. Geoff also discussed his background and explained the core reason behind thenftbay.org. Github has the following press releases:
I hope that people will understand the NFT art they are purchasing through thenftbay.org. The site provides no instructions on how to download or access an image. The image is not stored on blockchain. Most images I have seen are hosted on web2.0 storage, which will likely end up as 404. This means that the NFT has less value.
“Underlying Technology is Amazing, Greedy and Scamming Are Sickening”
Geoff shared his thoughts on NFTs and the reasons for the creation of the website portal. Geoff believes that social media platforms will be the best place to share NFTs’ utility and value.
Ok, the one thing I will begrudgingly enjoy about NFTs is a massive NFT heist https://t.co/99CHemfngB
– Yell in War (@jelenawoehr November 18, 2021
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According to the press releases, ‘For many digital representations is> physical representation and (if/when Twitter/TikTok (discord backed from it) rollout the ability to display flair in a social media account that will be a turning-point. Geoff also stated that the excitement surrounding Twitter’s blue verified mark is an excellent example of why verifiable proof could be crucial. Geoff stressed that this is not all. “Could be achieved with blockchain.
“What people can build with web3 is amazing,” concluded NFT Bay’s creator. The underlying technology is not as good as it should be and there is a lot of greed and scamming. I am reminded of the internet in 1990s when the dreams for a new future were similar. It’s amazing to see how strong these communities are and that they can fund the discovery phase. It becomes a pear-shaped situation when “we gotta get new blood into [a] pump/dump.”
It is unclear how much value people will place on this so-called “NFT heist.” People may just ignore the torrented files as being not ‘true’ or verifiable NFTs. Since long, the controversy over verified ownership and right-clicking on a JPG and PNG file has been raging. It seems that this issue is still not resolved. It may actually take years or even decades to determine the validity of NFTs and their value in the future.