Green NFTs: A Study on the Environmental Impact of Cryptoart Technologies
This addresses the environmental impact of cryptoart for blockchain users and policymakers, but it is incremental as it builds on existing emission models.
The study modeled greenhouse gas emissions from Ethereum on-chain activity, specifically for cryptoart, and found that spending one dollar on transaction fees emits at least 1.305 kg of CO2 equivalent, with analysis before and after the London hard fork.
We introduce a model of greenhouse gas emissions due to on-chain activity on Ethereum, focusing on cryptoart. We also estimate the impact of individual transactions on the environment, both before and after the London hard fork. We find that with the current fee mechanism, spending one dollar on transaction fees corresponds to emitting at least the equivalent of 1.305 kilograms of CO2. We also describe several techniques to reduce cryptoart emissions, both in the short and long term.