The core idea behind NFTs is to allow artists to sell a piece of digital media without hassle while allowing customers to prove their ownership. In reality, the NFT market is full of scams, get rich quick schemes, stolen artwork and massive environmental impact. Almost a parody of the entire scheme, NFT Replicas are here to prove just how crap the whole facade is.
What are NFT Replicas?
Created by an unknown developer, NFT Replicas allow an individual to replicate existing NFT assets to own and sell. Currently, the idea behind NFTs require an original artist to create a piece of artwork, mint it on the blockchain and then sell it on a market such as Opensea.
This means that anyone can track the history of an individual asset. If you look at an asset online, you'll see its history of owners and the fluctuating prices its sold for. Of course, with the NFT boom currently ongoing, individual NFTs are selling for massive amounts.
As per the NFT Replicas website, the purpose of the replicating cryptoart is to allow people to “own a replica of a famous NFT”. For example, if you want an official Spider-Man NFT, you can replicate it and even put it in your crypto wallet.
Additionally, the replication website allows an NFT to replicated multiple times. The first replication of an NFT will cost at 0.005 ETH, around $18, with the price increasing per replication. Replications can even be sold.
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The fallacy of NFTs
In recent months, there have been many viral stunts mocking NFTs. With cryptobros claiming that NFTs are foolproof, un-copy-able assets, many have gone out of their way to prove that's completely false.
For example, users can easily screenshot or right-click an NFT, immediately copying and owning the same asset for free. Additionally, the creation of The NFT Bay — a website that archives every NFT on the blockchain — showed how easy it really is to acquire cryptoart.
As buying an NFT doesn't give you any IP rights or “ownership” of an asset, they're essentially bragging rights for the tech-obsessed. However, NFT Replicas shows that even those bragging rights can be replicated with ease.