The NFT Bay records 1.2 million visits hours after launch
The NFT Bay records 1.2 million visits hours after launchThe NFT Bay records 1.2 million visits hours after launchNFTNFT

Geoffrey Huntley, an Australian software developer, has set up an online repository for NFTs. The archive is called The NFT Bay and includes JPEG versions of NFTs. Hours after Huntley put the 17.96 TB archive online, there were over 1.2 million visits.

According to one report, the NFT Bay website has the same layout and logo as Pirate Bay. It is a well-known torrent website where users can download movies, video games, music and other media. On The NFT Bay, NFT fans can download JPEG copies of NFTs instead.

Huntley explained why he decided to create The NFT Bay. Supposedly, it was primarily an educational art project. He added that hopefully people can learn and understand what they are buying by engaging with NFTs on the site. The NFT skeptic noted that currently when you buy an NFT you need instructions on how to access or download an image.

Many people do not fully understand NFT

According to Huntley, the concept of web3 is quite ingenious. However, the average person doesn’t fully understand how an NFT works. Most believe they are buying a JPEG image, rather than a unique blockchain token. In his opinion, some take advantage of this lack of knowledge and awareness to rip others off.

The image is not stored on the blockchain, and most of the images I’ve seen are hosted on Web2.0 storage, which will likely end up as a 404, meaning the NFT has even less value.

The NFT Bay caught the attention of NFT skeptics who praised the project online. One example is British software developer Drew Hess. He said that the project could serve to disillusion anyone who believes in an inherent value of NFTs.

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The blockchain is just one part of the web3

However, Steve Mitobe, the founder and CEO of NFT studio WestCoastNFT, disagrees with Huntley. Mitobe pointed out that the standard for most NFTs is to use decentralized technologies like InterPlanetary File System (IPFS) and Arweave.

With these systems, metadata is recoverable and permanent. This means that they are not dependent on a single error, such as a 404 error. Mitobe corrected Huntley, saying that the web3 infrastructure is made up of many different parts, including P2P storage systems. In his opinion, blockchains are only one piece of the web3 puzzle.