1.2M Users Flock To NFT Pirate Bay

　　An Aussie software developer has created “The NFT Bay” containing an archive of NFT copies to show they are “nothing more than directions on how to access or download an image.”

　　An Australian programming engineer has made a web-based archive of non-fungible tokens (NFTs) called “The NFT Bay”. The store incorporates JPEG renditions of the NFTS, not simply the blockchain-got token.

　　Adelaide inhabitant Geoffrey Huntley dispatched The NFT Bay 10 hours prior containing a 17.96 terabyte archive of non-fungible token picture duplicates that has since drawn in an aggregate of 1.2 million visits.

　　The webpage has a similar format and logo as downpour site The Pirate Bay, where clients can download pirated films, computer games, music, and different media. In any case, rather than downloading blockbuster motion pictures, clients can download JPEG duplicates of NFTs.

　　In an assertion, the NFT doubter said that the trick has an artistic reason, portraying it as “an educational art project” so that individuals will comprehend and reexamine what they genuinely are “buying when purchasing NFT art.”

　　In spite of the fact that Huntley concedes that the idea of web3 “is very astounding,” he said that the basic innovation is “not so much.”

　　He disclosed to Cointelegraph that the normal individual misconstrues what a NFT is, and accepts that they are buying the JPEG picture itself, not the special blockchain got token related with it. He added, “People are exploiting this lack of knowledge and awareness of this technicality, which is very wrong.”

　　“The image is not stored on the blockchain and the majority of images I've seen are hosted on web2 storage which is likely to end up as 404 meaning the NFT has even less value,” he claimed. A 404 is an error message indicating that a page or file cannot be found.

　　Steve Mitobe, CEO and founder of NFT development agency WestCoastNFT disputed this, telling Cointelegraph that “the standard for most NFTs is to use decentralized network storage technology such as IPFS or Arweave.”

　　IPFS represents InterPlanetary File System which is a shared organization for putting away and sharing information in a conveyed document framework. Arweave is a worldwide long-lasting stockpiling arrangement utilizing verification of-access innovation.

　　Mitobe added, “By using these systems the metadata and images are recoverable or permanent and not dependent on a single point of failure (404 error).”

　　“Where I believe Mr. Huntley is incorrect is that hes assuming that web3 only consists of the blockchain in its entirety. Web3 infrastructure is actually made up of many different parts including peer to peer storage systems such as arweave/ipfs. The blockchain is just one piece.”

　　Despite this, many so-called “right-clickers” and NFT skeptics have lauded the project on social media. UK software developer Dress Hess tweeted: “More than anything else Ive seen or read, this torrent may finally disabuse anyone of the notion that NFTs have inherent value.”

　　As a reminder, WikiBit is ready to help you search the qualifications and reputation of projects in a bid to protect you from hidden dangers in this risky industry!

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