This year has been the year of the non-fungible token or NFT and while it started off with a lot of promise, unfortunately, the situation surrounding NFTs has devolved substantially.

One great example of this is an NFT that Logan Paul purchased for $623 000 that is now worth just $9 171.

Remember when Logan Paul dropped $600K on an NFT? It's now worth $4,000. That's a loss of more than 99%. 🤣 pic.twitter.com/NTDUm9RUM8

— Coffeezilla (@coffeebreak_YT) November 5, 2021

To be clear, we do think that if done correctly, NFTs have value for digital artists but the problem is that many places aren’t doing things correctly and Geoff Huntley wanted to put that on display.

So, Huntley created The NFT Bay.

According to a press statement, Huntley created The NFT Bay as an art project to highlight the issues with NFTs as they are being implemented today.

“Fundamentally, I hope through http://thenftbay.org people learn to understand what people are buying when purchasing NFT art right now is nothing more then directions on how to access or download a image. The image is not stored on the blockchain and the majority of images I’ve seen are hosted on web2.0 storage which is likely to end up as 404 meaning the NFT has even less value,” Huntley explains.

The joke that one can simply right-click and save an NFT to own a copy is one that has been circulating since NFTs hit the headlines. While it is just that, a joke, as Huntley rightly points out, if a platform is simply selling you an image without blockchain integration, you’re just buying a .jpeg and that’s it. When that website inevitably goes down, the buyer is left holding the bag.

If you are going to be purchasing or selling NFTs, make sure you do your due diligence about the platform you’ll be using or risk spending money on nothing more than an image anybody could download and claim ownership of.