In what he described as an art project designed to show how ridiculous new fashion is, an Australian made thousands of free NFTs on a website. Non-fungible tokens are unique digital units that use blockchain technology to prove ownership of digital assets, including easily copiable items like photos and videos. Enthusiasts see DFTs as a new way to obtain rights to collectibles online.
But critics like software developer Geoff Huntly point out that these digital assets that NFT buyers can pay small fortunes for can easily be saved and reproduced online for free, which is exactly what he did. Its NFT Bay website – named after the infamous Pirate Bay, the longtime pirate media hub – has collected thousands of NFTs created on the Solana and Ethereum blockchains and made them available for free.
Huntly says her 17 terabyte online collection is a billion dollars that people have spent on NFT despite how easily someone can access the same media online for free. He points out that often all that is hosted on buy from blockchain collectors is a link to where to view and download the image online.
But collectors believe that the fact that NFTs themselves are unique signatures, even though the artwork itself may be widely distributed for free, makes them rare and valuable collectibles. A recent sale of a cartoon collection of monkeys sold for a total of US $ 16.5 million.
Critics of NFTs have used the right click as a symbol of their contempt for digital assets, as that click opens a context menu that allows you to save the image contained in an NFT for free and share it openly. A previous anti-NFT art project used a collection of 10,000 images from an NFT collection called Lazy Lions and used them to create a mosaic collage of photos of a hand right-clicking a mouse.
For her part, Huntly sees some use for NFTs, but not in the collectible art world. Rather, he thinks it could be used for authentication purposes, like verified social media accounts, but points out that blockchain technology is not needed for that purpose.
THE SOURCE: Bangkok Post
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