 The carbon footprint of NFTs. Not all blockchains are created equal. Authored by Alan Major with a forward by Daniela Barbosa. Produced by Linux Foundation Research in partnership with Hyperledger Foundation and Palm NFT Studio. NFTs are tokenized versions of physical or virtual assets. NFTs are central to new business models and new economies. Not all NFTs are equally carbon-intensive. The proof-of-work consensus mechanism and its underlying mining process requires intensive energy inputs. And approximately 80% of NFTs are transacted via Ethereum which uses proof-of-work, but is transitioning to proof-of-stake. Bitcoin and Ethereum both account for 0.36% of total human-generated carbon. The NFT ecosystem is evolving with other low carbon options available. Prudent policy is essential. Proof-of-work miners don't have a public-facing role, so it's difficult to hold them accountable for their carbon. The entire blockchain ecosystem must shoulder the responsibility for environmentally sound solutions and verified offsets should be employed for a fully carbon-neutral solution. Embedded energy and climate disclosures and platforms allow users to make informed choices about using one blockchain or another. Read the full report at linuxfoundation.org.