Chia Launches Innovative Expanded 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, expanding the capabilities of Non-Fungible Token (NFT) technology to enable and drive marketplace independence, improved provenance, and digital permanence.

Chia built the NFT1 standard focused on real-world needs to drive the adoption of NFTs by easing friction and burdensome facets of the technology. The new standard initially targets artists and developers and includes advancements in core NFT functionality unique to the ecosystem, offering increased ease of use and applicability to artists, creators, and collectors. An evolution 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 social media presence, creators and owners can tie their identity to the NFT, including transaction history to establish consistent provenance.
• Chia Offers: Mitigating counterparty risk through directly connecting creator to supporter sales, including participation in on-chain royalties on secondary markets.
• Improved Permanence and Storage: Supporting multiple sources and cryptographic hash for the NFT digital files for publication and storage.

“We’ve 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, Director, Chief Operating Officer and President. “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.”

“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,” said Richard Tsao, Vice President, NFT Business Development. “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.”

To commemorate the launch of the NFT1 standard, Chia created a limited edition set of 10,000 unique and procedurally generated profile picture (PFPs) NFTs, Chia Friends™, to be randomly distributed to community members. The imagery brings together sustainability and cryptography, celebrating the company’s approach to building the standard. Chia Friends’ NFT transactions will leverage the novel on-chain royalty technology to provide philanthropic contributions to The Marmot Recovery Foundation.

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

• dexie: dexie is a peer-to-peer exchange for Chia that fully supports NFT offers. NFTs are tradable alongside CATs (Chia Asset Tokens) within a single interface, with price history charts and an NFT Markets dashboard providing an overview of actively traded NFT collections.
• SkyNFT: SkyNFT is a fully-featured NFT marketplace built on Chia. It supports online minting, transfers and trading of NFTs, as well as the Free Mint and Open Blind Box features that give users the opportunity to receive free NFTs.
• Spacescan.io: Spacescan.io is a next-gen Chia explorer that provides users with tools to explore NFTs, and gain insight into the blockchain with rich data analytics.

Visit the NFT1 documentation to begin building tools and minting NFTs on the Chia Network today.

About Chia

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

For more information, visit: https://chia.net/

Contacts

Chia Network Contacts:

FTI Consulting

Dan Margolis & Parveen Singh

E: Chia@FTIconsulting.com

Gretchen Lium

Head of Investor Relations

E: gretchen@chia.net