Reports said that an Australian software developer has created an online repository of nonfungible tokens (NFT) called the “The NFT Bay.” The repository includes JPEG versions of the NFTS, not the blockchain-secured token itself.
It has been reported that Adelaide resident Geoffrey Huntley launched The NFT Bay last Thursday containing a 17.96-terabyte archive of NFT image copies that has since attracted a total of 1.2 million visits.
However, the site has the same layout and logo as the torrent website The Pirate Bay, where users can download pirated films, video games, music, and other media. Instead of downloading blockbuster movies, users can download JPEG copies of NFTs.
The report said that in a statement, the NFT skeptic said that the prank has an artistic purpose, describing it as “an educational art project” so that people will understand and reconsider what they truly are “buying when purchasing NFT art.” Although Huntley admits that the concept of Web 3.0 “is quite amazing,” he said that the underlying technology is “not so much.”
He said that the average person misunderstands what an NFT is, and he believes that they are purchasing the JPEG image itself, not the unique blockchain-secured token associated with it.
“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 Web 2.0 storage, which is likely to end up as 404, meaning the NFT has even less value.”
Steve Mitobe, the CEO and founder of NFT development agency West Coast NFT, said that “the standard for most NFTs is to use decentralized network storage technology such as IPFS or Arweave.” 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.
Thus, 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 he’s assuming that Web 3.0 only consists of the blockchain in its entirety. Web 3.0 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.”