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.
But like any emerging technology, it has downsides — some of which are playing out in real time as NFTs explode in popularity. 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.
By assigning a value to objects that often exist only in the virtual world, NFTs have been a huge boon for…
