Non Fungible Tokens (NFTs) are everywhere and are sweeping the markets, especially those related to art. Marketplaces have sprung up offering works of art, preferential tickets to events, and more, all sold as NFTs. But are NFTs safe, how do you know they are not a scam?
There is one man who questions the idea of NFTs and discusses whether it is true that, when you buy a digital piece of blockchain, you can prove the ownership when anyone can right-click and save any image they see on their computer screen.
Is it worth paying so much for an NFT?
Australian Geoffrey Huntley, developer of The NFT Bay project, very similar to The Pirate Bay torrent site but in NFT version, has uploaded thousands of Non-Fungible Token images to his new platform that will be available for free to everyone. The Australian developer presents the concept of The NFT Bay as an artistic exercise with which to question the ownership rights of digital assets.
In Huntley's words, "Basically, I hope people learn to understand what they are buying. When people buy NFT art, at that point they're just buying instructions on how to access or download an image," says Huntley. "The image is not stored on the blockchain and most of the images I've seen are hosted on Web 2.0 storage, which will likely end up as a 404 (page not found), meaning NFTs have even much less value."
In theory, owning an NFT linked to an artwork is like owning a certificate of authenticity. As an example, the American band Kings of Leon, issued "golden tickets" in NFT format so that people who present them at their concert, can have the privileges granted by those tickets. But skeptics believe the Non-Fungible Tokens are not capable of being the digital identifiers they claim to be.
Computer scientist Antsstyle says: "NFTs are only valuable as tools for money laundering, tax evasion, and further investment fraud. NFTs have zero real value. Their sole purpose is to create an artificial scarcity of a work of art in order to thereby increase its value."
And there is logic to it. No one who has seen an NFT (like the famous apes we all know), can honestly say that this is truly art, much less accept that the astronomical figures paid for these digital creations are paid.
And this is precisely the assessment that is made to determine whether NFTs are a scam or not.
"The NFT Bay is just another example of how easy it is to reproduce and pirate Non-Fungible Tokens"
Based on the exercise developed by Huntley, who claims that "The NFT Bay is just another example of how easy it is to reproduce and pirate non-fungible tokens", taking ownership of an NFT that supposedly should only have a single owner, is much easier than you might think and that is something he is demonstrating through his website The NFT Bay.
No one knows for sure how much this NFT market will evolve. The only sure thing is that while governments take measures, and they will surely take them when it is too late, many will take advantage to legalize money of illicit origin, through the acquisition of the so famous "Non Fungible Tokens".
The only thing that nobody doubts so far, is that the famous NFT will redefine in the coming years, the concept of what we know as "art".
What do you think about it?, leave us your opinion in the comments box.
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