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August 2, 2022

NFTs have been booming over the past year. People are willing to pay millions of dollars just to prove that they “own” a digital item that was worthless before.

These digital entries, stored on a blockchain, allow the buyers to prove that they are legitimate owners. While it’s different from a copyright, NFTs owners are rightsholders in a sense.

Contents:

The NFT Bay

However, that doesn’t mean that other people can’t copy the associated files, which are often widely available. This is made pretty clear by The NFT Bay, which launched just a few hours ago. The site, which is clearly inspired by The Pirate Bay, claims to share a torrent with “pirated” versions of NFTs.

Update: We haven’t verified the content of the archive and after publication ClubNFT reported that the release doesn’t include all NFTs.


Feb 5th The buzzy nft collection has raked in millions and ..

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  • ethereum.org/en/nft

    Non-fungible tokens (NFT) | ethereum.orgWith valuable assets like cars and property representable on Ethereum, you can use NFTs as collateral in decentralized loans.

    • We updated this article accordingly but left most of the original text intact.

    “The Billion Dollar Torrent,” as it’s called, reportedly includes all the NFTs on the Ethereum and Solana blockchains. These files are bundled in a massive torrent that points to roughly 15 terabytes of data. Unpacked, this adds up to almost 20 terabytes.


    Australian developer Geoff is the brains behind the platform, which he describes as an art project.
    Speaking with TorrentFreak, he says that The Pirate Bay was used as inspiration for nostalgic reasons, which needs further explanation.

    Too Much for PRQ

    The NFT Bay itself lists a few examples of “pirated” NFT images but these uploads point to the same massive torrent file. Downloading the torrent can be a challenge as it requires quite a bit of disk space.

    NFTs have been the craze in the crypto world for a long time now. Every week NFT news break headlines, with record transaction volumes and new creators. A few weeks back, Google mentioned that NFT searches in its search engine have grown tremendously.

    More people than ever now want to get into NFT transactions and understand this new mode of cultural preservation.

    A new NFT hosting website from an Australian developer is now the talk of the town in all crypto and NFT communities. Geoffrey Huntley from Adeailade created The NFT Bay – a huge repository of NFT copies. However, there is no copyright infringement here since he is displaying the JPEG versions, not the blockchain-secured ones.

    NFT Bay takes Pirate Bay for its inspiration.

    Everything from the name to the site layout is a play on the popular torrent hosting platform.

    “For authenticity I was going to host at PRQ but unfortunately they don’t offer servers with enough disk space,” Geoff notes.

    This comment may not mean much to the general public. However, veteran followers of file-sharing news will recognize PRQ as the former hosting partner of The Pirate Bay, launched by the site’s founders Gottfrid Svartholm and Fredrik Neij.

    The developer eventually hosted the torrented NFT archive elsewhere. And despite the massive size and the attention it’s getting, both the site and seedbox are running smoothly.

    “The seedbox hosting the torrent has 4 x 10TB SATA drives configured in RAID0 and the website is humming along just fine even though the website is going insanely viral,” Geoff says.

    Wake-Up Call

    The NFT Bay is not just any random art project.

    It does come with a message, perhaps a wake-up call, for people who jump on the NFT bandwagon without fully realizing what they’re spending their crypto profits on.

    “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’ve seen are hosted on Web 2.0 storage which is likely to end up as 404 meaning the NFT has even less value.”

    The same warning is more sharply articulated in the torrent’s release notes which are styled in true pirate fashion.

    “[T]his handy torrent contains all of the NFT’s so that future generations can study this generation’s tulip mania and collectively go…” it reads.

    Fifteen years ago this would have been a project The Pirate Bay could have come up with.
    It does come with a message, perhaps a wake-up call, for people who jump on the NFT bandwagon without fully realizing what they’re spending their crypto profits on.

    “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’ve seen are hosted on Web 2.0 storage which is likely to end up as 404 meaning the NFT has even less value.”

    The same warning is more sharply articulated in the torrent’s release notes which are styled in true pirate fashion.

    “[T]his handy torrent contains all of the NFT’s so that future generations can study this generation’s tulip mania and collectively go…” it reads.

    Fifteen years ago this would have been a project The Pirate Bay could have come up with.

    The site has the same layout and logo as torrent website The Pirate Bay, where users can download pirated films, video games, music, and other media. However, instead of downloading blockbuster movies, users can download JPEG copies of NFTs.

    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 web3 “is quite amazing,” he said that the underlying technology is “not so much.”

    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, “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 stands for InterPlanetary File System which is a peer-to-peer network for storing and sharing data in a distributed file system.

    Paul has jumped on the nonfungible toke..

  • nftthedp.com

    NFT the DPYes that’s right, we’ll mint it as a NFT, for the WHOLE WORLD to see. You’re in luck… Here’s how to burn the nft (and consider yourself lucky your actual schlong isn’t getting burned): Good for you… All you have to do is send the nft to this address: 0x0000..

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