Sustainability as the Missing Link to Uncover the Double Edge of NFT Technology Legitimacy

Abstract

Although academic and practical interest in non-fungible tokens (NFTs) has continuously increased over the last few years, there is still a need to better understand their social acceptability. The aim of the study was to explore the double edge of NFT legitimacy for NFTs by unveiling the role of sustainability and by adopting technology legitimacy and the field of sustainability transition studies as a theoretical lens. Specifically, this research investigates the role of sustainability in securing and maintaining technology legitimacy within NFT projects. We interviewed 12 experts through exploratory qualitative research. The findings highlight three main ways in which sustainability participates in the legitimation of NFT projects. While sustainability can be inherent in the NFT project itself, this legitimation can also be derived from the perceived sustainability of the NFT technology or be part of innovative business models. Theoretical contributions and managerial implications are then discussed. JEL CODES: O33, O35, O50