iStockphoto / gesrey
- Geoffrey Huntley right clicked and stole every NFT in existence and uploaded it to ‘NFT Bay’ as a torrent to prove a very poignant point about NFTs
- YouTuber Coffeezilla tracked Geoffrey down to discuss stealing every NFT ever and giving them away and the conversation was actually remarkable
- Huntley does a better job at explaining what an NFT is than the creator of NFTs and he explains the most common misconception about them
- Read more articles on BroBible right here
If you stopped someone on the street at random and asked them to explain what an NFT is they’d likely tell you it was a digital image that someone buys like a piece of art. That’s the most commonly used explanation I’ve heard to explain NFTs.
NFT mania is alive and well. South Park just took a run at NFTs and explained the hype perfectly. And now there’s this incredible video below.
Geoffrey Huntley set out to prove that’s not the case at all. He is the creator of NFT Bay, a torrent site he started after right-clicking and stealing every NFT on the Internet. He then uploaded every one of those NFTs in a single torrent (over 16 terabytes) and gave them all away for free.
YouTuber Coffeezilla set out to download that torrent to get his hands on every NFT eve created because it seemed fun. Instead, he ended up getting in contact with Geoffrey Huntley for an illuminating discussion. The video is below, and it’s long but worth watching. In the meantime, I’ve transcribed some of the more poignant points made by Huntley.
NFT Bay Creator Geoffrey Huntley Explains What NFTs Are And Why They’re A Misunderstood Scam
Why ARe NFTs a Scam?
Geoffrey Huntley’s question is simple, ‘what do people actually think they are purchasing with NFTs?’ Most of the time, people think they are buying the rights to a digital picture or some other form of digital art.
Huntley describes buying NFTs as one side is ‘selling a treasure map’ with direction on how to get to that treasure (treasure = art). And the other side thinks they are buying the actual treasure but what they’re really buying is just a treasure map on how to get to the treasure.
He says what drove him to create the NFT Bay project was hearing so many people say ‘the image is valuable because it’s stored on the blockchain’ and that’s not the case at all. It’s just a hyperlink, as he tells it. Someone buying an NFT is purchasing a piece of data and that data has a link to where the image (NFT) can be located.
Now that I’ve explained the premise of his NFT Bay project, you can go hit play on that video above because the entire discussion is fascinating.