NFT Bay: Online Artwork Stockroom Attracts Over 1.2 Million Users In 10 Hours

The NFT Bay is an online private stockroom newly created by an Australian software developer to save non-fungible tokens (NFTs). The safe does not include the blockchain-secured token itself, but the JPEG versions of the NFTS.

NFT Bay Is An Educational Art Project — Creator

A Geoffrey Huntley —an Australian resident, launched the NFT Bay some 11 hours ago containing a 17.96 terabyte stock of non-fungible token image copies that has already attracted no less than 1.2 million visits.

Although the site bears a semblance — in logo and layout, to torrent website The Pirate Bay, where users download all sorts of video games, pirated films, music and the rest, users can only download JPEG copies of NFTs on NFT Bay.

While speaking in a statement, Huntley said that the project comes with an artistic purpose, describing it as “an educational art project” that will help people to have a better understanding of what exactly it is that they are really buying when purchasing NFT art.

Huntley Critical of Web3’s Technicality

Meanwhile, Huntley feels that the whole idea behind Web3 “is quite amazing” on paper, but according to him, the technology backing it is “not so much.”

Huntley says averagely, people do not really get what an NFT is. He also believes that they are purchasing the JPEG image and not the unique blockchain secured token associated with it. This lack of knowledge of the technicality, is what he thinks people are exploiting.

According to Huntley, most of the images he’s seen are not stored on the blockchain but rather hosted on web2 storage, which will most likely end up as a “404 error”, devaluing the NFT in the process. A 404 error is an error prompt showing that a page or file cannot be found.

But CEO and founder of NFT development agency WestCoastNFT, Steve Mitobe had a dissenting view to Huntley’s. He says that the standard for most NFTs is to use decentralized network storage technology such as Arweave or IPFS.

Mitobe then added that using these systems mitigates against such risks as the metadata and images are recoverable or say permanent.

Meanwhile, the NFT Bay project is already being lauded across social media. A UK software developer Dress Hess posted in a tweet: “More than anything else I’ve seen or read, this torrent may finally disabuse anyone of the notion that NFTs have inherent value.” And the website is doing greatly at the moment, in fact, subtly going insanely viral.

Huntley lives a a quiet lifestyle out of a van in Australia.