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- NFTs are considered as unique digital art persisting on the blockchain, and cannot be interchanged like the crypto assets.
- NFT is a booming concept, especially when it exploded the previous year, when it witnessed a whopping 21,000% growth in sales.
- Many big guns have shown their interest in this sector, Eminem, Matt Shadows, Paris Hilton, to name a few are among the stars who’ve acquired NFTs.
Useless NFTs
NFTs undoubtedly are a mesmerizing concept, and no one can deny the fact that this space is booming a lot lately. But back in November 2021, someone pulled off a unique performance to show how useless the Non Fungible Tokens can be.
An individual named Geoffrey Huntley, an Australian dev ops and software engineer made a website which was an exact copy of torrent website The Pirates Bay.
Dubbed as NFT Bay, the individual copied every NFT from Solana and Ethereum blockchain and uploaded on this replica. The website hosted a total of 20 Terabytes (that’s terabytes mates, the big boys of virtual measurement) containing all these NFTs.
Huntley elaborates The NFT Bay as an educational art project, designed for folks to learn about what NFTs are and are not, hoping that a lesser number of folks get manipulated by this tech’s innumerable grifters.
NFTs remained the talk of the town over the previous year, constantly gathering supporters even as the reputation of the tech tanked. And while the majority of backlash is confined to social media jokes regarding “stealing” the non fungible tokens by right clicking saving the image of the artwork.
Even Keanu Reeves Supports This
During an interview with a news website while talking about NFTs, the fans favorite John Wick aka Keanu Reeves jokingly said that NFTs are a joke.
He was asked about his opinion regarding NFTs created for Matrix: Resurrections, which ultimately became so popular that the rush on the website where the tokens were minted got crashed.
Keanu Reeves’ response regarding this concept was funny, and he laughed as soon as NFTs were mentioned.
Is There Literally No Use For NFTs?
No matter what anyone says regarding this, people cannot deny the fact that the sector is booming and people including celebrities are making investments in this technology.
Sure this stunt was to show how those NFTs can easily be acquired, but this is not the only way to show the utility of Non Fungible Tokens.
Let me clear this with an example: you acquire a BAYC NFT, now that NFT can be utilized in its upcoming metaverse Otherside, which means you may also earn ApeCoin if you own this NFT.
But ask yourself this, can you do it if you copy past the BAYC NFT?
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
