- Chia Network Inc stated Chia NFT1 standard, which enables and nurtures marketplace independence, improved provenance, and digital permanence, was launched today.
- Chia created the NFT1 standard with an emphasis on practical requirements to encourage the use of NFTs by removing obstacles and onerous aspects.
- Their approach encourages novel uses of digital commodities while enhancing adaptability and transparency.
The Chia NFT1 standard, which expands the capabilities of Non-Fungible Token (NFT) technology to enable and foster marketplace independence, improved provenance, and digital permanence, was released today, according to Chia Network Inc. (“Chia” or the “Company”).
We are proud to announce the launch of our NFT1 standard! This is an exciting moment for us – and we’re thrilled to officially get NFTs, on Chia, into your hands.— Chia Project (@chia_project) June 29, 2022
Additional details on the release going live on mainnet to follow.
Learn more here:https://t.co/oqtVeoyYxp
Bram Cohen launched the business to offer an open-source, public blockchain that is tailored for acceptance in the real world. The company said,
We sought to learn the points of friction in the currently available standards from pioneering artists and early adopters in the NFT space and developed our standard to address the most pressing challenges.
The NFT1 standard was developed by Chia with a focus on practical requirements to promote the usage of NFTs by removing barriers and burdensome parts of the technology. The new standard delivers enhancements to the ecosystem’s fundamental NFT capabilities, making it simpler for producers, collectors, and artists to use. It primarily focuses on artists and developers.
Chia’s original and ground-breaking perspective on the future of NFTs is reflected in the NFT1 mainnet release, an expansion, and extension of the recently released NFT0 on the testnet.
The first one comes to Digital identity. Creators and owners can link their identities to the NFT, including transaction histories, to ensure consistent provenance through their established social media presences.
The second one is the Chia offers which include reducing counterparty risk by directly tying in the creator and supporter sales, including taking part in secondary market on-chain royalties.
And then comes Improved Permanence and Storage. This means supporting numerous sources and a cryptographic hash for the publication and storage of the NFT digital files.
Gene Hoffman, Director, COO, and President, said that the company has always taken a unique approach to blockchain technology, and NFT1 is an extension of our guiding principles and organizational goal. Their solution promotes fresh applications for digital goods while boosting adaptability and transparency. They believe their cutting-edge technique gives them an ecological advantage because one size does not fit all. Technology like this was created particularly to help artists.