Chia launches innovative extended NFT functionality in NFT1 standard

Chia launches innovative extended NFT functionality in NFT1 standard

SOUTH SAN FRANCISCO – (BUSINESS WIRE) – Chia Network Inc. (“Chia” or “The Company”), founded by Bram Cohen to provide an open source public blockchain optimized for real-world adoption, today announced the launch of the Chia NFT1 standard, which expands the capabilities of Non-Fungible Token (NFT) technology to enable and drive marketplace independence, enhanced origin and digital durability.

Chia built the NFT1 standard with a focus on the real need to drive the introduction of NFTs by easing the friction and burdensome facets of the technology. The new standard is primarily aimed at artists and developers and includes advances in core NFT functionality unique to the ecosystem, offering increased ease of use and usability for artists, creators and collectors. A development and expansion of the recently released NFT0 on testnet, the NFT1 mainnet release represents Chia’s unique and innovative perspective on the future of NFTs:

  • Digital identity: Through their established presence on social media, creators and owners can link their identity to NFT, including transaction history to establish consistent descent.
  • Chia deals: Reduce counterparty risk by linking the creator directly to supporter sales, including participation in royalties in secondary markets.
  • Improved durability and storage: Supports multiple sources and cryptographic hash for NFT digital files for publishing and storage.

“We have always taken a unique approach to our blockchain technology, and NFT1 is an extension of our values ​​and mission as an organization,” said Gene Hoffman, CEO, Chief Operating Officer and President. “Our NFT product increases transparency, usability and supports new uses for digital goods. One size does not fit all, and we believe that our advanced approach gives us an asymmetric advantage in the ecosystem. This technology is specially built to empower creators. While we first “We have focused on one industry, development will continue, and subsequent verticals will add increasing functionality without sacrificing our time to market. The technology remains largely scalable to future verticals, audiences and business cases.”

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“We tried to learn the friction points of the currently available standards from cutting-edge artists and early users in the NFT area, and developed our standard to meet the most pressing challenges,” said Richard Tsao, Vice President, NFT Business Development. «Our NFT1 standard provides a framework for the next development of ownership of digital goods. We are excited to see what creators and society build. ”

To celebrate the launch of the NFT1 standard, Chia created a limited edition of 10,000 unique and procedure-generated profile picture (PFPs) NFTs, Chia Friends ™, to be distributed randomly to community members. The images combine sustainability and cryptography, and celebrate the company’s approach to building the standard. Chia Friends’ NFT transactions will leverage the new royalty technology on the chain to make philanthropic contributions to The Marmot Recovery Foundation.

To launch the NFT1 standard in a thriving ecosystem, Chia partnered with artists, marketplaces and community developers to instantly serve the needs of NFT creators and collectors.

  • dexie: dexie is a peer-to-peer exchange for Chia that fully supports NFT offerings. NFTs can be traded together with CATs (Chia Asset Tokens) within a single interface, with price history charts and an NFT Markets dashboard that provides an overview of actively traded NFT collections.

  • SkyNFT: SkyNFT is a fully equipped NFT marketplace built on Chia. It supports online coinage, transfers and NFT trading, as well as the Free Mint and Open Blind Box features that allow users to receive free NFTs.

  • Spacescan.io: Spacescan.io is a next-generation Chia Explorer that gives users tools to explore NFTs and gain insight into the blockchain with rich data analytics.

Visit the NFT1 documentation to start building tools and embossing NFTs on the Chia network today.

About Chia

Chia Network built a better blockchain to operate in the real world. Founded by Bram Cohen, the inventor of BitTorrent, Chia offers a secure, sustainable and regulatory compliant blockchain that sets the standard for digital currency infrastructure and inclusive access to global, decentralized finance. Through the innovative Proof of Space and Time consensus algorithm, Chia Network’s public, open source blockchain utilizes hard disk space to create the first new Nakamoto consensus since Bitcoin in 2009.

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