NFTs or Non-fungible tokens are digital tokens that supporters claim may be used to establish ownership of digital assets, such as unique artwork. They are unique tokens on the blockchain that are connected to digital collectibles like JPEGs.

Although anyone may see the associated artwork, several have sold for hundreds of thousands of dollars.

According to tech news site Motherboard, the NFT Bay is inspired by the well-known pirated software and movies website, thepiratebay. The NFT Bay claims to have "all NFTs from Ethereum and Solana" - two different cryptocurrency networks - in a 17 terabyte (TB) file.

💀OMG WHO RIGHT CLICKED ALL OF THE #NFTs?☠️
🛳🏴‍☠️ https://t.co/o0YRK78AkL 🏴‍☠️🛳
👀 pic.twitter.com/g74TFqzX0n

— 🏴‍☠️ thenftbay.org 👋 🇵🇹 (@GeoffreyHuntley) November 18, 2021

Critics of NFTs point out that the digital artwork associated with the "token of ownership" can be accessed, downloaded, and copied by anyone.

Australian artist and programmer Geoffrey Huntley, the website's creator, stated: "NFT art right now is nothing more than directions on how to access or download an image. The image is not stored on the blockchain."

Proponents of cryptocurrencies, on the other hand, argue that holding the NFT confers prestige and bragging rights, and that simply right-clicking and saving an image is insufficient to hold such rights.

Huntley thinks that by creating the website, future generations will be able to examine this generation's "tulip mania," a reference to one of the most well-known examples of a financial bubble that happened in 17th century Netherlands, when Tulip prices reached extraordinarily high levels before crashing early in 1637.