{"id":369292,"date":"2021-11-19T06:31:41","date_gmt":"2021-11-19T03:31:41","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/1-2m-users-flock-to-nft-pirate-bay-for-artwork-archive\/"},"modified":"2021-11-19T06:31:41","modified_gmt":"2021-11-19T03:31:41","slug":"1-2m-users-flock-to-nft-pirate-bay-for-artwork-archive","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/1-2m-users-flock-to-nft-pirate-bay-for-artwork-archive\/","title":{"rendered":"# 1.2M users flock to NFT Pirate Bay for artwork archive"},"content":{"rendered":"

“# 1.2M users flock to NFT Pirate Bay for artwork archive <\/strong>”<\/p>\n

An Australian software developer has created an online repository of non-fungible tokens (NFTs) called the \u201cThe NFT Bay\u201d. The repository includes JPEG versions of the NFTS, not the blockchain-secured token itself. <\/p>\n

Adelaide resident Geoffrey Huntley launched The NFT Bay<\/a> 10 hours ago containing a 17.96 terabyte archive of non-fungible token image copies that has since attracted a total of 1.2 million visits. <\/p>\n

The site has the same layout and logo as torrent website The Pirate Bay, where users can download<\/a> pirated films, video game<\/a>s, music, and other media<\/a>. However, instead of downloading blockbuster movies<\/a>, users can download JPEG copies of NFTs. <\/p>\n

Source: <\/em>The NFT Bay<\/em><\/a>.<\/em><\/figcaption><\/figure>\n

In a\u00a0statement<\/a>, the NFT skeptic said that the prank has an artistic purpose, describing it as \u201can educational art project\u201d so that people will understand and reconsider what they truly are \u201cbuying when purchasing NFT art.\u201d<\/p>\n

Although Huntley admits that the concept of web3 \u201cis quite amazing,\u201d he said that the underlying technology<\/a> is \u201cnot so much.\u201d<\/p>\n

He explained to Cointelegraph that the average person misunderstands what an NFT is, and believes that they are purchasing the JPEG image itself, not the unique blockchain secured token associated with it. He added, \u201cPeople are exploiting this lack of knowledge and awareness of this technicality, which is very wrong.\u201d<\/p>\n

\u201cThe 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,\u201d he claimed. A 404 is an error message indicating that a page or file cannot be found. <\/p>\n

Steve Mitobe, CEO and founder of NFT development agency WestCoastNFT<\/a> disputed this, telling Cointelegraph that “the standard for most NFTs is to use decentralized network storage technology such as IPFS or Arweave.\u201d <\/p>\n

IPFS stands for InterPlanetary File System which is a peer-to-peer network for storing and sharing data in a distributed file system. Arweave is a global permanent storage solution using proof-of-access technology.<\/p>\n

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).\u201d<\/p>\n

\u201cWhere I believe Mr. Huntley is incorrect is that he\u2019s 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.”<\/p><\/blockquote>\n

Despite this, many so-called \u201cright-clickers\u201d and NFT skeptics have lauded the project on social media.\u00a0 UK software developer Dress Hess\u00a0tweeted<\/a>: \u201cMore than anything else I\u2019ve seen or read, this torrent may finally disabuse anyone of the notion that NFTs have inherent value.\u201d <\/p>\n

Related: <\/em><\/strong>Google searches for NFTs spike to record highs<\/em><\/strong><\/p>\n

Huntley rented a bare-metal server with 40 terabytes of storage to run the project, which is currently costing him $200 AUD a month ($145.5 USD). \u201cThe website is humming along just fine even though the website is going insanely viral,\u201d he said.<\/p>\n

\n

Rented a bare metal server at $200\/AUD a month to pull this off. Got 4 x 10TB sata disks in RAID0. Worth it.<\/p>\n

\u2014 geoff (@GeoffreyHuntley) November 18, 2021<\/a><\/p><\/blockquote>\n