Are NFTs A Scam? Hacker Uploads Every NFT to ‘NFT Bay’ to Prove a Point

are NFTs a scam

Photo Credit: Bored Ape Yacht Club

Are NFTs a scam? One man has created a 20TB repository of NFTs called ‘NFT Bay.’

Non-fungible tokens (NFTs) are taking the music industry by storm. Several marketplaces have sprung up offering pieces of artwork, golden tickets, and more – all sold as an NFT. But one man questions the idea of NFTs and if buying a digital piece of a blockchain really proves ownership when anyone can ‘right click’ and save a picture.

Australian Geoffrey Huntley went on the heist of NFTs to download 20TBs of NFTs on the Ethereum and Solana blockchains. Huntley told gaming blog Kotaku that the ‘NFT Bay’ (modeled after the infamous Pirate Bay) is an experiment designed to teach the public about what NFTs are and aren’t.

Are NFTs a Scam?

“Fundamentally, I hope people learn to understand what people are buying when purchasing NFT art right now is nothing more than directions on how to access or download an image,” Huntley says. “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 a 404, meaning the NFT has even less value.”

Essentially, owning an NFT tied to artwork is like owning a certificate of authenticity. When the ‘golden ticket’ owners of the NFT sold by Kings of Leon show up for a concert, their status will be verified using that NFT. But skeptics believe non-fungible tokens aren’t 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 greater fool investment fraud. There is zero actual value to NFTs. Their sole purpose is to create artificial scarcity of an artwork to supposedly increase its value.”

That assessment is the core argument to whether NFTs are a scam or not.

If concert organizers are distributing concert tickets using the blockchain and ‘golden ticket’ owners can resell their rights using NFTs – is that useless? It’s already being done for future Kings of Leon concerts and ties a physical experience to the holder of that specific NFT. Those NFTs lose value eventually; Kings of Leon won’t be performing on tour forever.

14 Responses

  1. NFT Professor

    The headline simply proves the author doesn’t yet understand the basics of NFTs. The “hacker” uploaded images, not the NFTs. That’s a huge difference. Also the “problems” cited in this article are already solved by tools like the patented TuneGO Vault as covered by Billboard, Forbes and many others. Simple Google search debunks this article. DMN should prob learn NFTs 101 before running more embarrassing stories like this.

    Reply
    • Andrea Botelini

      NFTs are worthless crap – a meaningless hype. They will fade into history quicker than quick. You watch.

      Reply
      • Catfish

        Follow the money. NFTs are going anywhere. A lot of people thought MP3s weren’t gonna be a big deal and thought streaming music wasn’t gonna be a big deal. NFTs are an immutable transparent receipt of ownership with the ability to transfer funds. They are an economic mechanism that is going to generate billions of dollars in revenue over the next decade and already generating millions of dollars of revenue. This article is pure ignorance.

        Reply
        • NFT Scammer Reseller

          There is fundamentally nothing stopping me from downloading the image/song/video tied to a NFT and to re-sell it to the fools at OpenSea, a vast share of NTFs are already copies or copies resold by unscrupulous individuals and not by the original author. NFT are worthless but I enjoy scamming these fools out of their money, thanks for the ETH.

          Reply
        • Willus

          I guess my receipt from guitar center is worth 1500 dollars, that’s what it says right on the receipt.

          Reply
      • Andrea defeater

        watch it boom man. NFT’s are not only for artworks, as they can be used to prove actual authenticity, you can attatch anything to NFT’s such as documents, artworks, licenses, virtual land, in game items and even more. You should research into NFT’s more and see their purpose before you come around saying shit like that. NFT’s provide a tool/utility that the real world just can’t.

        Reply
        • willus

          The only way they might have value is as a proof of existence, and only once you can store actual plain text of any appreciable length directly in the blockchain.

          Once you can do this you can have an irrefutable version of a document that no party can hack, delete, lose, change or otherwise mess with.

          There is no value at all in having a link to an image or song hosted on the internet. People will and are just reselling nfts over and over again.

          Reply
          • TellinYouHowItIs

            Nope. You can’t resell a BAYC Ape unless you actually own it according to the contract that governs it. You can find these on OpenSea under the true collection. You can’t duplicate the original smart contract’s address. That contract governs the BAYC and keeps a record of who owns the NFTs . When they sell on Opensea, the transfer is initiated through the contract itself.

  2. Jack lesson

    NFTs aren’t just to buy digital artwork, it’s like buying “Stock ownership” for bands, artists, sports teams, or physical items..

    Reply
    • NFT Scammer Reseller

      NFT are worthless, I have already downloaded and resold NFT content (images, songs, etc…) under a new token at OpenSea and there is nothing to stop me from doing that, thanks for the ETH, idiots.

      Reply
      • TellinYouHowItIs

        Which ones did you resell? You resold a look alike to people who dont know to check the actual collection’s contract address. Ignorant people don’t make NFT worthless, they make themselves easy to be scammed. You proved nothing here. I know how to get to a BAYC Open Sea Collection, via their site, twitter, or doing a search for the top collections on OpenSea. Your fake collection wont show up there because it doesnt have the transaction volume that the true ones do. Good luck keeping the narrative going though, now people have my perspective to research. Don’t list to this guy, self proclaimed scammer. It doesn’t mean that he’s actually reselling the ones associated with the original collection. That’s what matters.

        Reply
      • Ifeelsorryforyourmother

        Then what you are doing is illegal and you sir are a scammer. Taking money from people who really want to be a part of this community, and have an opportunity to make money like the stock market. It’s clear your lack of education is stunting you in your understanding of the fundamentals of the blockchain. It’s a very simple concept. You should stop selling fake NFT’s on Opensea, once the original creators verify their projects and report those fake collections the people you stole from loose their “NFT” you sold them. Opensea removes it all together, and bans it from their platform. Your nothing better than a common criminal.

        Reply

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