Why spend hundreds of thousands of dollars for a digital image when you can just download it for free?
That’s the message behind a new site that has made thousands of non-fungible – or NFT – tokens available for free download. Paying tribute to the torrent site The Pirate Bay, the NFT bay has assembled a vast collection of images from NFT in an effort to show the absurdity of the digital art craze.
Advocates of NFTs, the one-of-a-kind verifiable digital assets that are traded on blockchain technology, are innovative ways to exchange digital images and allow artists to monetize their work.
But critics contend that at the end of the day, these are just images on screens surrounded by a culture of “get-rich-quick” schemes and scams.
“What people are buying when they buy NFT art right now is nothing more than instructions on how to access or download an image.” noted Geoffrey Huntley, the nomadic Australian artist behind the site, which he calls an âeducational art projectâ.
The NFT array contains 17 terabytes of NFT, which equates to billions of dollars in sales, according to its founder.
The project comes after a series of NFT-related scams.
In an incident in September, an employee of Mark Cuban OpenSea’s $ 1.5 billion NFT Marketplace was arrested while purchasing some digital artwork just before it was about to be displayed on the home page of the market, thereby increasing their value.
And in October, investors spent millions on a series of NFT’s “Evolved Ape” by an anonymous developer who suddenly disappeared with $ 2.7 million in crypto, Vice reported in October.
âThe ongoing greed / scam is disgusting,â Huntley said.
On Twitter, NFT critics praised the project.
“More than anything I’ve seen or read, this torrent can finally disillusion anyone with the idea that NFTs have inherent value,” wrote an user.
âSell your NFTs to everyone; the party is over !” noted another.