Australian artist, Geoffrey Huntley, has launched a website that allows users to torrent an entire blockchain’s worth of NFTs. They have named it NFT Bay, paying homage to The Pirate Bay. This new site will certainly promote dialogue on what it means to claim ownership over something digital on the Internet.
Now anyone can download every NFT on the Ethereum blockchain for free. Yes, an Australian hacker/Artist has cracked it and set up his own ‘Pirate Bay’ style website that allows you to do just that!
NFTs are digital tokens that proponents say can prove ownership of digital items, including artwork. According to Learn Rumie, an NFT (non-fungible token) is data added to a file that creates a unique signature. It can be an image file, a song, a tweet, a text posted on a website, a physical item, and various other digital formats.
This means that someone can own a digital file (and it’s marked with code to differentiate it from any digital replicas).
Huntley, said he wanted to show people what they were buying. Some of these tokens have been sold on the open market for millions of dollars. For example, an NFT collage by Beeple (Mike Winkelmann) sold for $69 million. It’s the third most expensive artwork to be sold by a living artist. Here is the website: https://thenftbay.org
The art critic Edward Lucie Smith says; The prime example, and maybe the first, was the Dutch Tulip Mania of 1635 to 1637 when the Dutch Protestant bourgeoisie became briefly obsessed with speculating in tulip bulbs, which had just begun to be imported to Europe from Turkey. The delay between planting the bulb and seeing (briefly) the flower provided room for all kinds of financial speculation. Buying bulbs was the equivalent of buying futures in a more conventional kind of stock-market. The most highly valued bulbs were the ones that produced blooms with the most intricate colour patterns. They were, in fact, slightly diseased.
He added; Non-Fungible Token is a label with a slightly dreary ring to it. And both the financial and the artistic status of the images it is applied to are currently shaky. What is noticeable, nevertheless, is the widening gap between the territory these experiments occupy and that which is presided over by official museums and galleries of art. Though these latter have currently been making desperate attempts to recapture the populist vibe they embraced during the past ten years, the commercial galleries have, during the plague, been much more efficient in getting their own rather different message across.
The BBC Says; While the NFT Bay download contains images of NFT artwork, it does not contain any of the digital tokens that “prove ownership”. Mr Huntley hopes the website means “future generations can study this generation’s tulip mania” – a reference to one of the most famous examples of a financial bubble.
Non-fungible tokens (NFTs) have taken off in 2021 and so have auction houses’ sales of them, with Sotheby’s and Christie’s respectively selling $65 million and $100 million of NFTs this year, Reuters reported Monday (Nov. 8). These sales account for roughly 5.5% of the houses’ contemporary art sales, according to Art Market Research data.
Pubished By : Artlyst