In the simplest terms, NFTs transform digital works of art and other collectibles into one-of-a-kind, verifiable assets that can be traded on the blockchain. It's setting off a classic debate: supporters and proponents say those downsides simply represent growing pains; critics say they're highly problematic and point to NFTs as a bubble waiting to burst. Of course, many artists can and have used NFTs to authenticate their digital work where they were previously unable to. That highlights another important facet of NFTs: They're just as potentially hackable as your email or any other online account. But defenders of NFTs say the massive electricity usage is temporary, and only a growing pain for a new technology.

Source: CNN March 30, 2021 19:07 UTC