Are NFTs stored on Blockchain at all?  – CryptoMode

Are NFTs stored on Blockchain at all? – CryptoMode

Are NFTs stored on Blockchain at all?  – CryptoMode

An Australian dad who lives in a van and works remotely has rocked the crypto world with his recent hacktivist “work of art” known as NFT Bay.

Geoffrey Huntley, who is a software developer and self-proclaimed activist, managed to carry out a major NFT robbery back in November. It would download each individual NFT on the Ethereum and Solana blocks and host nearly 20 terabytes of files online for download on NFT Bay.

This website provides its theme from the legendary Pirate Bay torrent database and works the same way with links to every major NFT, including Crypto Punks and Bored Ape Yacht Club. Some of them have been selling for more than $ 20,000,000 lately.

There is a note attached to the download files located on NFT Bay, which reads as follows:

“Did you know that NFT is just a hyperlink to an image that is usually found on Google Drive or another web2.0 web host? People are throwing millions at instructions on how to download images. That’s why you can right-click on save-as because these are standard images. The image is not stored in the blockchain contract.

Huntley has published this educational art project to teach everyone exactly what NFT is and what it is not, in the hope that fewer people will see such great value in what he thinks is just a huge scam.

Geoffrey would also take to Coffezilla’s popular YouTube technology podcast, to explain a little more about the story behind NFT Bay and his reasons for doing so. There, he explained that the price of actually hosting NFT on the blockchain is simply too high. Stating that in 2016 alone, it was calculated that storing data on a blockchain would cost $ 76,000 per GB. While some very primitive NFTs that are essentially pixel art are legitimately hosted on the blockchain, almost every other type of NFT is not. He explained in layman’s terms that you are simply buying a “treasure ticket to treasure”, not just treasure.

This unique idea from Australia has made quite a bit of news published everywhere on the internet, from the Vice to the BBC, but where did Huntley get the inspiration to come out on what he calls cryptocurrency fraud? He says his main inspiration came from a parody of right-wing Australian politician Pauline Hanson written by satirist Simon Hunt. Geoffrey said, “Sometimes the wrong things get broadcast time and the only way to get to the core is art.”

These days you can buy a car in cryptocurrency, send huge sums of money around the world with minimal fees, or even bet online with bookmakers or online casinos who accept Bitcoin and other cryptocurrencies as a valid deposit method. Gambling online with bitcoin is legally in many countriesand in fact most online casinos offer it casino offers without deposit which allow players to test games before playing for the right funds.

As cryptocurrencies are increasingly used in real cases, Huntley says that while he sees a future for NFT, he doesn’t understand why they need a blockchain to function successfully.

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