Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

NFT is a scam. Only idiots do not understand it. Now finally some Australian developer build an idiot-proof website to demonstrate why “original” digital file is just the same as it’s endless copies…

NFT is a scam. Only idiots do not understand it. Now finally some Australian developer build an idiot-proof website to demonstrate why “original” digital file is just the same as it’s endless copies…

Australian developer offers ‘billion-dollar torrent’ of NFTs for free.
An Australian software developer says he has made thousands of non-fungible token images freely available, calling it an art project that aims to show the absurdity of property-rights concepts in digital assets.

Geoff Huntley, the project’s creator, claims to have collected all the images associated with NFTs minted on the ethereum and solana blockchains and made them accessible via an accompanying website called NFT Bay, modelled on the infamous Pirate Bay peer-to-peer search service.

Huntley is an open-source software engineer who was involved in an effort to reverse-engineer and inspect the federal government’s COVIDSafe app during the pandemic.

The effort is compiled into a 17-terabyte “billion-dollar torrent,” Huntley said, because of the vast sums of money people have spent to acquire ownership of the pictures within it - images that anyone can copy perfectly and effortlessly from the web.

Huntley points to the fact that images associated with NFT property rights are typically not themselves hosted on the blockchain, and the NFT asset is merely instructions on where to download an image.

NFT enthusiasts argue that the unique blockchain identifier tied with an image -- such as those from popular series like Bored Ape Yacht Club, Lazy Lions or CryptoPunks -- makes each one of them scarce and valuable.

Critics have countered that digital assets are perfectly reproducible and therefore easy to pirate, as Huntley has done, and they’ve taken up the symbol of right-clicking on a mouse to signify their disapproval.

The right-click leads to a menu that allows users to simply save a copy of any NFT image and was the inspiration for another piece of NFT-sceptical artwork a week ago, where a person took 10,000 Lazy Lions images and turned them into a representation of a hand right-clicking a mouse.

Huntley’s unveiling refreshed the controversy over the real value of NFTs, with some advocates suggesting that even his negative slant on them was positive for the novel asset category by giving it more exposure.

Huntley says the real long-term value of NFTs is in authentication, much like Twitter’s blue verification check mark. But, he adds, all of it “could be achieved without blockchain.”
AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
UN's Top Court Declares Environmental Protection a Legal Obligation Under International Law
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
The Podcaster Who Accidentally Revealed He Earns Over $10 Million a Year
UK Government Considers Dropping Demand for Apple Encryption Backdoor
Japanese Man Discovers Family Connection Through DNA Testing After Decades of Separation
Russia Signals Openness to Ukraine Peace Talks Amid Escalating Drone Warfare
Switzerland Implements Ban on Mammography Screening
Pogacar Extends Dominance with Stage Fifteen Triumph at Tour de France
President Trump Diagnosed with Chronic Venous Insufficiency After Leg Swelling
CEO Resigns Amid Controversy Over Relationship with HR Executive
NVIDIA Achieves $4 Trillion Valuation Amid AI Demand
Tulsi Gabbard Unveils Evidence Alleging Political Manipulation of Intelligence During Trump Administration
Centrist Criticism of von der Leyen Resurfaces as she Survives EU Confidence Vote
Trump Announces Coca-Cola to Shift to Cane Sugar in U.S. Production
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
Zelensky Reshuffles Cabinet to Win Support at Home and in Washington
"Can You Hit Moscow?" Trump Asked Zelensky To Make Putin "Feel The Pain"
Church of England Removes 1991 Sexuality Guidelines from Clergy Selection
Superman Franchise Achieves Success with Latest Release
Hungary's Viktor Orban Rejects Agreements on Illegal Migration
Air India Pilot’s Mental Health Records Under Scrutiny
Jamie Dimon Warns Europe Is Losing Global Competitiveness and Flags Market Complacency
Moonshot AI Unveils Kimi K2: A New Open-Source AI Model
Martha Wells Says Humanity Still Far from True Artificial Intelligence
Nvidia Becomes World’s First Four‑Trillion‑Dollar Company Amid AI Boom
EU Delays Retaliatory Tariffs Amid New U.S. Threats on Imports
Trump Proposes Supplying Arms to Ukraine Through NATO Allies
US Opens First Rare Earth Mine in Over 70 Years in Wyoming
Bitcoin Reaches New Milestone of $116,000
Severe Heatwave Claims 2,300 Lives Across Europe
Declining Beer Consumption Signals Cultural Shift in Germany
Emails Leaked: How Passenger Luggage Became a Side Income for Airport Workers
Polish MEP: “Dear Leftists - China is laughing at you, Russia is laughing, India is laughing”
Western Europe Records Hottest June on Record
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
China’s Central Bank Consults European Peers on Low-Rate Strategies
France Requests Airlines to Cut Flights at Paris Airports Amid Planned Air Traffic Controller Strike
Poland Implements Border Checks Amid Growing Migration Tensions
Emirates Airline Expands Market Share with New $20 Million Campaign
Amazon Reaches Milestone with Deployment of One Millionth Robot
Yulia Putintseva Calls for Spectator Ejection at Wimbledon Over Safety Concerns
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
Amazon Reaches Major Automation Milestone with Over One Million Robots
Extreme Heat Wave Sweeps Across Europe, Hitting Record Temperatures
Meta Announces Formation of Ambitious AI Unit, Meta Superintelligence Labs
Robots Compete in Football Tournament in China Amid Injuries
China Unveils Miniature Insect-Like Surveillance Drone
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Germany Votes to Suspend Family Reunification for Asylum Seekers
×