Green NFTs: Technologies Related to Energy-Efficient Non-Fungible Tokens

Abstract

Non-fungible tokens (NFTs) are unique digital assets powered by blockchain technology, enabling secure and decentralized ownership and monetization across diverse industries. However, their energy consumption is primarily linked to energy-intensive consensus mechanisms and has raised significant environmental concerns. This survey provides a comprehensive analysis of the evolution and use of token standards and blockchain workflows in developing green NFT technologies, emphasizing the transition to energy-efficient consensus mechanisms. By seamlessly blending technological acumen with a discerning gaze, the current analysis suggests that, apart from the blockchain consensus mechanisms, the environmental impact of NFTs should also be investigated and linked to certain blockchain factors such as interoperability, scalability, sustainability, and Layer-2 scaling solutions. As such, the current endeavor offers a perspective on the symbiotic relationship between blockchain and NFTs by identifying pathways to balance innovation with environmental stewardship. Finally, this paper offers valuable insights into the role of green NFTs in fostering sustainable digital economies by exploring under-represented applications in various economic and industrial domains.