NFT standards face challenges that have made it difficult for creators and collectors to realize their full functionality. Chia has set out to rectify this friction with the launch of its NFT1 standard.
“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,” Vice President of NFT Business Development Richard Tsac said. “Our NFT1 standard provides a framework for the next evolution of the ownership of digital goods. We’re excited to see what creators and the community build.”
The company was founded by Bram Cohen to provide an open-source public blockchain optimized for real-world adoption. On June 29, 2022, it launched the Chia NFT1 standard to expand the capabilities of Non-Fungible Token (NFT) technology. The additional capabilities will enable and drive marketplace independence, improved provenance, and digital permanence. The NFT1 standard expands on the recently released NFT0 on testnet. It represents Chia’s unique and innovative perspective on the future of NFTs covering digital identity, Chia offers, and improved permanence and storage. The main focus is to increase ease of use and applicability for artists, creators, and collectors.
“We’ve always taken a unique approach to our blockchain technology and NFT1 is an extension of our values and mission as an organization,” Gene Hoffman, Director, Chia COO and president, said. “Our NFT product increases transparency, applicability, and supports novel use-cases for digital goods. One size doesn’t fit all, and we believe our advanced approach provides us an asymmetric advantage in the ecosystem. This technology is purpose-built to empower creators. While we’ve initially targeted one industry, the development will continue, and subsequent verticals will add increasing functionality without sacrificing our time to market. The technology remains broadly scalable to future verticals, audiences, and business cases.”
Chia also launched an NFT collection of 10,000 PFPs, Chia Friends. The collection symbolizes the company’s combination of sustainability and cryptography to create the standard. It will also provide contributions to The Marmot Recovery Foundation.