22/11/2021 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 ablockchainreally proves ownership when anyone can ‘right click’ and save a picture.

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Australian Geoffrey Huntley went on the heist of NFTs to download 20TBs of NFTs on theEthereumandSolanablockchains. Huntley told gaming blogKotakuthat 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,” Huntleysays. “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 Antsstylesays“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 futureKings of Leon concertsand 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.

Arts

https://www.digitalmusicnews.com/2021/11/21/are-nfts-a-scam/

Interesting NFTs
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By OthersideDeployer
Faceplant
Facebook logo factory. 3D animation, 10-second loop, 30 fps. Created using Cinema4D, X-Particles, TurbulenceFD, Octane, and After Effects. Originally posted on TikTok (@jigpx) on 1/4/21. 38.7m+ views, 2.1m+ likes (as of 4/22/21).
The Scion
A young figure caught in a moment of distraction, aware only ephemerally of his unconscious being, as it engages in psychological and psychedelic layer spaces. His right arm casually cradles a moray eel; the figure is comfortable but not truly aware of the potentials for danger in such negligence. His shirt reads “Bello” in Pokemon style font, harkening back to a childhood straddling the millennial threshold. To his right side, out of the unconscious deep, shrouded alien heads propagate as a fractal totem, each new iteration a more sophisticated rendering of emotional masking over the cold mystery of the greys. As the scion of the Budgie-Sattva, the young man, in his distraction, is also simultaneously aware of higher levels of self discovery. To his left a psychological topology sets beneath the oracle side of an 8 ball ,hovering; its message a purest concept of acceptance. The “Scion” lettering is in 80’s HeMan style bold declaration. The lower right side of the painting is like a hybrid of melon, feathers, and seeds. The crystals in the background bring light; conducted, refracted, reflected, and dispersed, to balance the dark shadow of the figure’s physical body. The aura of the scion succeeds in layers to point, with a finger, and the crown chakra, toward a center of a mandala existing as nigh pure application of strokes, in essence painterly abstraction, but also revealing hints of the Aura of migraine, and the bi-hemispherical nature of the brain–noting concerns of the possibility of inherited mental disease. Yet the flourish of chakra as it sets against that center is robust, active, coherent, and reveling against all fear. Fundamentally, the piece speaks to the activation of one’s potential to begin to “Know Thyself”, and find greater awareness out of the enigmas of the mind–as an inculcated seed given to the rich soil of one’s own birthright.
Right Place & Right Time (bitcoin hourly price offset)
Each day, a new composition for the Master is generated autonomously using a data feed of Bitcoin's last 24 hours of price action. Each hour's price programmatically controls rotation, scale, and position of a correlating layer. Astute viewers will surmise the day's price volatility simply by examining the artwork. While the daily image generation is the result of autonomous API calls, utilizing an algorithm the artist wrote, the artist has chosen to retain a control token. This token allows him to fine-tune variables associated with his algorithm, in addition to addressing aesthetic concerns within the life-cycle of the artwork. Layer state, alpha, hue, saturation, and brightness are elements the artist has retained control of in order that this artwork remain a living work-in-progress. An earlier iteration of this artwork was featured as a nightly projection mapping video on the face of the Daniels Fisher Clocktower, as part of ETH Denver 2020. Access to this and additional exclusive content awaits the master token owner at the artist's NFT Portal: https://collect.mattkane.com/minted-works/right-place-right-time-bitcoin-hourly-price-offset/
CryptoKitties
Yo! I'm Kitty #384623. I believe the world is flat. When no one's home, I invite my pals over and we listen to Frank Sinatra. Will you be the marmalade to my ghost pepper hot sauce?