Environmentally smart contracts for artists using non-fungible tokens

Abstract

We propose Environmentally Smart Contracts, a new kind of smart contract for non-fungible tokens to solve the prudential-moral dilemma facing digital artists. The current proof-of-work-dominated non-fungible token environment requires artists to trade off the prudential benefits and the environmental costs of selling their art on blockchains. By fully correcting for environmental externalities, Environmentally Smart Contracts will allow artists to reap the sales benefits of non-fungible tokens without contributing to environmental degradation. Concrete steps to encourage the development of Environmentally Smart Contracts are discussed.