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“The NFT Bay” Shares Multi-Terabyte Archive of ‘Pirated’ NFTs

torrentfreak.com

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Re: “The NFT Bay” Shares Multi-Terabyte Archive of ‘Pirated’ NFTs

#71

Post by manigandham »

cm2187 wrote: post #29
manigandham wrote: post #22

NFTs are about the token ownership, not the asset, so this archive is rather pointless on its own. But it's a very meta "art" piece as described by the article, especially if it also serves as an NFT asset itself. Will be interesting to see how how far this layer cake will go.

I think it does illustrate that NFT themselves are useless (other than being some sort of performance art). If you legally bought the right to something, what has value is not the NFT, it is the legal contract of the transaction. If you don’t sign a contract, the NFT is just a few bytes stored somewhere that have no consequences. The value is in the legal agreement.

That's true, it's just another medium of execution via cryptographic signatures exposed as on-chain tokens. The legal foundation is still being figured out (mostly due to transparency and global jurisdiction issues) but there is something unique about having a much more programmable system.

It's like DocuSign + APIs + banking + decentralized security and governance all rolled into one, and I think societal and economic changes will catch up to make this new system of transactions much more valuable.

Re: “The NFT Bay” Shares Multi-Terabyte Archive of ‘Pirated’ NFTs

#72

Post by leppr »

samwillis wrote: post #30
quakeguy wrote: post #6

Seems it has only around 10GB of data, the rest are zeros hashed. https://gist.github.com/zhuowei/ebd5601f7dd8e5ee186bf302874e... https://www.twitter.com/zhuowei/status/1461576936241733638

I think that is kind of the point. This a social commentary on the absurdity of NFTs and crypto. There was the study yesterday that showed that 70% of crypto trading was wash trading. I.e junk to inflate the appearance of the market. I see this being mostly zeros as effectively the same. It was meant to be found to be junk, to show how stupid it all is.

That study was not rigorous and their claim easily falsifiable. You can't prove wash trading on centralized exchanges. It's a study specifically made for people to quote in arguments such as yours.

Not commenting on the general sentiment.

Re: “The NFT Bay” Shares Multi-Terabyte Archive of ‘Pirated’ NFTs

#73

Post by miracle2k »

wrfitch wrote: post #42
setr wrote: post #36

Earlier quoted context omitted.

I don’t understand; did the author of the torrent toss in a bunch of nothing to pad out the number, or is there that many references to nothing in the NFT chain? The former seems pointless, but for the latter, I’m under the assumption that the NFT chain stores the image hashes directly, and those hashes are enforced to be unique — so there should be only one instance of a zero hash? Or I suppose a ton of images with…

Most NFTs do not hash media themselves; instead, they hash a link to the media that only exists as long as it is hosted. I'd imagine the zero hashes are links that are already dead.

Given the authors deleting of tickets on the matter it stands to reason that he didn't want to actually go through the trouble of pulling all images and is kind of being a fraud.

Of course, given enough unreasonably scepticism someone might instead intuit that 18.99 TB of 19TB of data has disappeared.

Re: “The NFT Bay” Shares Multi-Terabyte Archive of ‘Pirated’ NFTs

#74

Post by leppr »

cm2187 wrote: post #29
manigandham wrote: post #22

NFTs are about the token ownership, not the asset, so this archive is rather pointless on its own. But it's a very meta "art" piece as described by the article, especially if it also serves as an NFT asset itself. Will be interesting to see how how far this layer cake will go.

I think it does illustrate that NFT themselves are useless (other than being some sort of performance art). If you legally bought the right to something, what has value is not the NFT, it is the legal contract of the transaction. If you don’t sign a contract, the NFT is just a few bytes stored somewhere that have no consequences. The value is in the legal agreement.

There is more to art than a legal framework. That's an intentionally myopic view. Art NFTs are a social signal.

Re: “The NFT Bay” Shares Multi-Terabyte Archive of ‘Pirated’ NFTs

#75

Post by beardyw »

Closi wrote: post #59
beardyw wrote: post #49

Earlier quoted context omitted.

You may just have opened a Pandora's box.

Well you can almost buy an NFT for a virtual plot of moon land in the moon metaverse. https://nftmoon.space/en/home/ How anyone thinks all this isn’t a bubble is beyond me…

Ha, of course, a virtual moon, better still!

Re: “The NFT Bay” Shares Multi-Terabyte Archive of ‘Pirated’ NFTs

#76

Post by GDC7 »

Vetch wrote: post #63
tomp wrote: post #31

Earlier quoted context omitted.

Reminds me of Moon Shares from like 20 years ago. You could buy property on the moon and the company would verify ownership for you. Although this is totally different, because it’s blockchain.

NFTs are probably best thought of as a recapitulation of status goods into the digital world, outside video games. The physical good versions has never made sense to me either. Thorstein Veblen already in the late 1800s had pointed out that an object's utility as a status signal increases in tandem with its uselessness. The object must then also be recognized among peers as difficult to obtain. For the moon shares an…

> NFTs are probably best thought of as a recapitulation of status goods into the digital world

Status cannot be manufactured, it spurs naturally due to having rare things such as a big mansion, grammys, academy awards, winning the Super Bowl , winning the NBA title, winning the World Series etc.

All those things are both rare and cannot be copied.

NFTs instead are easily copied idividually (right click) or even in bulk as this torrent file proves.

Second life did a much better job at representing status goods in the digital world than NFTs.

And I know people in here don't want to hear it, but given its history and its budget Zuck's Meta will improve upon what Second Life did and knock it out of the park like it did with social networks.

Re: “The NFT Bay” Shares Multi-Terabyte Archive of ‘Pirated’ NFTs

#77

Post by dorkwood »

crispyporkbites wrote: post #17

NFTs are obviously a bit silly, BUT, it would be nice if things bought on platforms like Steam, Roblox, Amazon, iTunes etc. were transferable to other games/platforms. The platform providers would still need to agree that a specific blockchain / NFT is actually the source of truth, and so it's not really trustless. But the internet itself isn't perfectly decentralized either. I could see a future where developers cou…

So the idea is that when I play Call of Duty, I can wear the hat I purchased in Roblox? And when I'm in Roblox, I can use the character I purchased in Call of Duty?

Is this something that players desire to do?

Re: “The NFT Bay” Shares Multi-Terabyte Archive of ‘Pirated’ NFTs

#78

Post by xvector »

xondono wrote: post #50
tomp wrote: post #31

Earlier quoted context omitted.

Reminds me of Moon Shares from like 20 years ago. You could buy property on the moon and the company would verify ownership for you. Although this is totally different, because it’s blockchain.

> Although this is totally different, because it’s blockchain. Except the blockchain only keeps the url, so the “content” doesn’t get any of the properties of the blockchain

Incorrect, often NFTs contain the hash of the content, where the content itself is pinned to IPFS.

That said, tokens that are not pinned to IPFS are fucking worthless, and it's hard to tell whether an NFT is pinned to IPFS unless you're skilled at navigating Ethereum contacts.

Re: “The NFT Bay” Shares Multi-Terabyte Archive of ‘Pirated’ NFTs

#79

Post by qeternity »

leppr wrote: post #72
samwillis wrote: post #30

Earlier quoted context omitted.

I think that is kind of the point. This a social commentary on the absurdity of NFTs and crypto. There was the study yesterday that showed that 70% of crypto trading was wash trading. I.e junk to inflate the appearance of the market. I see this being mostly zeros as effectively the same. It was meant to be found to be junk, to show how stupid it all is.

That study was not rigorous and their claim easily falsifiable. You can't prove wash trading on centralized exchanges. It's a study specifically made for people to quote in arguments such as yours. Not commenting on the general sentiment.

> That study was not rigorous and their claim easily falsifiable.

Specifically, what part of their methodology is not rigorous?

Given that a substantial chunk of the top tier exchanges have been caught and charged with wash trading (Bitmex, Coinbase), I think we already have quite a bit of circumstantial evidence to suggest it is likely an issue.

Re: “The NFT Bay” Shares Multi-Terabyte Archive of ‘Pirated’ NFTs

#80

Post by littlestymaar »

tlrobinson wrote: post #12
rebuilder wrote: post #11

Earlier quoted context omitted.

But does it verify ownership of anything other than the token itself? What are the typical contract terms, if any, related to NFTs? And are those terms enforceable in any given jurisdiction?

Any physical jurisdiction? Probably not. Digital “jurisdictions” like Twitter are starting to support displaying “verified” NFTs though: https://cointelegraph.com/news/bragging-rights-twitter-previ... The next step in the chain is OpenSea, which sounds like they will enforce real world copyrights: https://support.opensea.io/hc/en-us/articles/4404423595667-H... So basically Twitter is outsourcing copyright enforcement…

Copyright enforcers are centralized by nature though (if everyone can be one, then there is zero enforcement of copyright…)

Blockchain only makes “sense” because it's hype. (And regarding Twitter, it's mostly because @Jack is a total crypto believer).

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