{"id":14493,"date":"2021-11-19T06:54:04","date_gmt":"2021-11-19T06:54:04","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/torrent-website-called-the-nft-bay-reignites-controversy-over-non-fungible-tokens\/"},"modified":"2021-11-19T06:54:04","modified_gmt":"2021-11-19T06:54:04","slug":"torrent-website-called-the-nft-bay-reignites-controversy-over-non-fungible-tokens","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/torrent-website-called-the-nft-bay-reignites-controversy-over-non-fungible-tokens\/","title":{"rendered":"Torrent Website Called The NFT Bay Reignites Controversy Over Non-Fungible Tokens"},"content":{"rendered":"

There\u2019s a new website the crypto community has been discussing called The NFT Bay, a web portal that operates in a similar fashion to The Pirate Bay (TPB), because the platform hosts a huge selection of NFTs stemming from various blockchain platforms for free. On Thursday, the web portal\u2019s creator revealed a file called \u201cThe Billion Dollar Torrent,\u201d which claims to hold all the NFTs from Ethereum and Solana.<\/strong><\/p>\n

\u2018The Massive NFT Heist:\u2019 Pirate Bay Clone The NFT Bay Sparks Heated Discussions<\/h2>\n

During the last year, non-fungible token (NFT) collectibles have seen massive popularity and billions of dollars have been spent on these digital items. Meanwhile, a great number of people in the crypto space think NFTs are worthless and people can simply right click the NFT image and own the artwork without paying. It\u2019s been a heated discussion ever since NFTs were introduced. The debate became even more controversial<\/a> in March when an NFT immutability debate ensued and crypto supporters highlighted how NFTs were being deleted and images were being replaced<\/a>.<\/p>\n

Months later as NFTs continue to rise in both popularity and value<\/a>, an individual tweeted about an interesting web portal called The NFT Bay. \u201cOMG who right clicked all of the #NFTs?\u201d the individual tweeted<\/a> on Thursday. The individual named Geoff also left a torrent link hosted on The NFT Bay (thenftbay.org<\/a>) called \u201cThe Billion Dollar Torrent,\u201d which hosts all the non-fungible token assets stemming from Solana and Ethereum. After the tweet got thousands of likes and retweets, Geoff said he was headed to bed but left some press statements<\/a> behind.<\/p>\n

The NFT Bay operates in a similar fashion to The Pirate Bay (TPB), because the platform hosts a huge selection of NFTs stemming from blockchain platforms. It contains a link to the torrent where users can leverage a torrenting platform to download the seeded files. The NFT Bay actually looks like a clone of TPB and has the same website color arrangements and uses TPB\u2019s logo too. The main page has a slew of individual NFTs and filters for NFTs from collections like Bored Ape Yacht Club, Cryptopunks, and Axie Infinity.<\/p>\n

This is art. https:\/\/t.co\/eKrqtrkMga<\/a><\/p>\n

\u2014 Sos Sosowski (@Sosowski) November 18, 2021<\/a><\/p>\n<\/p>\n

The file Geoff tweeted about called \u201cThe Billion Dollar Torrent,\u201d has a file for Ethereum-based and Solana-based NFTs. The description also says: \u201cIf you like these NFTs, please buy it. The artists participating in fraud deserve support.\u201d<\/p>\n

Party is over ! ? https:\/\/t.co\/FGgAblfI38<\/a><\/p>\n

\u2014 Sp3cPT (@PtSp3c) November 18, 2021<\/a><\/p>\n<\/p>\n

In Geoff\u2019s press statements, it asks why he decided to do this and the reason given is \u201cArt.\u201d Moreover, after discussing his background, Geoff explained a little more about the fundamental reason behind thenftbay.org. The press statements hosted on Github note:<\/p>\n

Fundamentally, I hope through thenftbay.org people learn to understand what people are buying when purchasing NFT art right now is nothing more [than] directions on how to access or download [an] image. The image is not stored on the blockchain and the majority of images I\u2019ve seen are hosted on web2.0 storage which is likely to end up as 404 meaning the NFT has even less value.<\/p>\n<\/p>\n

\u2018Underlying Technology Is Amazing, Greed and Scamming Is Sickening\u2019<\/h2>\n

In addition to the reasons behind the web portal, Geoff also shared his general take on NFTs. Geoff thinks that the utility and value of NFTs will come from social media platforms.<\/p>\n

Ok, the one thing I will begrudgingly enjoy about NFTs is a massive NFT heist https:\/\/t.co\/99CHemfngB<\/a><\/p>\n

\u2014 Yell in a War (@jelenawoehr) November 18, 2021<\/a><\/p>\n<\/p>\n

\u201cFor many digital representations is > physical representation and (if\/when) Twitter\/TikTok (discord backed away from it) roll out the ability to display flair on a social media profile that will be a turning point,\u201d the press statements explain. Geoff further said that the excitement over Twitter\u2019s blue verified checkmark is a perfect example of why verifiable proof of membership could be key. \u201cAll of this, however,\u201d Geoff stressed. \u201cCould be achieved without blockchain.\u201d<\/p>\n

\u201cWhat people dream to build with \u2018web3\u2019 is quite amazing,\u201d The NFT Bay creator concluded. \u201dThe underlying technology, not so much and the greed\/scamming going on is sickening. The dreams for a different future remind me of the internet in the 1990s. What\u2019s fascinating here is the communities are very strong and can self-fund the discovery phase. Where it goes pear shape is when \u2018we gotta get new blood in to [a] pump\/dump.\u2019\u201d<\/p>\n

The question is how much value will people put into this so-called \u201cNFT heist,\u201d as people may simply disregard the torrented files as not being \u2018the true\u2019 and verifiable NFTs. The controversy on verified ownership and simply right-clicking a JPG or PNG file has raged on for quite some time, and is seemingly still unresolved. In fact, it just may take the test of time, possibly even years, in order to assess the veracity of NFTs in the future and their value as well.<\/p>\n

What do you think about The NFT Bay and Geoff\u2019s press statements about the project? Let us know what you think about this subject in the comments section below.<\/strong><\/em><\/p>\n

Bitcoin News
\nNews, axie infinity, BitTorrent, Blockchain, Bored Ape Yacht Club, cryptopunks, Ethereum NFTs, Geoff, JPEGs, nft, NFT Heist, NFTs, Non-fungible Token, Press Statements, Right Click, Social Media, Solana NFTs, The NFT Bay, The Pirate Bay, thenftbay.org, torrenting, torrents, TPB<\/p>\n","protected":false},"excerpt":{"rendered":"

There\u2019s a new website the crypto community has been discussing called The NFT Bay, a web portal that operates in a similar fashion to The Pirate Bay (TPB), because the platform hosts a huge selection of NFTs stemming from various blockchain platforms for free. On Thursday, the web portal\u2019s creator revealed a file called \u201cThe…<\/p>\n","protected":false},"author":0,"featured_media":14494,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-14493","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/14493"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=14493"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/14493\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/14494"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=14493"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=14493"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=14493"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}