Chia Network launched the NFT standard

Where did the idea come from?

Specialists from the Chia network admit that they have been closely monitoring NFT community activities with great interest for quite some time. First, they looked at the problems of early users in this space, and then they developed their own revolutionary standard that is designed to address the most urgent challenges and increase the adoption of the new technology. Chia Network aims to strengthen market independence, validate the history of virtual products, and contribute to digital sustainability.

Focus on real user needs is characteristic of the entire network - Chia is one of the more popular open-source blockchains optimized for real-world adoption. The innovative, energy-efficient Proof of Space and Time technology provides security and ease of use for Bitcoin while consuming much less energy and enabling inclusive access to the global decentralized financial market. Chia, the "green alternative," sets new standards for the entire cryptocurrency infrastructure. It is worth emphasizing this - just as it is worth keeping a finger on the pulse and staying informed about the development strategies being pursued.

Who will benefit from this?

At this stage, the NFT1 standard is primarily aimed at empowering creators, so it is beneficial mainly for artists (graphic designers, musicians, filmmakers), and programmers. Chia enhances NFT functionalities, which are unique to its ecosystem, making it even easier to use - as a result, the new standard is also user-friendly for collectors. Over time, other industries may also benefit from groundbreaking functionalities. The technology is scalable and is intended to benefit many businesses and their customers. In other words, the NFT1 standard provides a framework for further evolution in the field of digital asset ownership.

As emphasized by Gene Hoffman, CEO of Chia Network, the NFT1 standard is a natural extension of the network's previous efforts, which have always been guided by the same mission: to seek unique solutions that respond to real market needs. The new product increases transparency and usability of digital assets and supports their innovative use. There is a chance that advanced technology will give Chia an advantage in the ecosystem. Hoffman declares that the new solution outperforms Ethereum and Solana systems, which already have well-prospering NFT markets. The new platform is more environmentally friendly than Ethereum and more stable than Solana, which has experienced significant, notorious downtimes.

What does it mean for Chia Network?

Many indications suggest that the launch of the NFT1 standard will benefit the Chia blockchain itself. It is possible that this move will increase the popularity of the entire network and attract new enthusiasts to invest in the green cryptocurrency. We already know that the price of XCH did not immediately soar - after all, no one expected it - but a gradual increase in the number of people involved in farming is an opportunity for long-term effects. We hope that with the progressing evolution of the system, people will understand the usefulness of the new standard, and knowledge about it will reach a wider audience. In such an optimistic scenario, users will start buying XCH to acquire Chia NFTs, and changes in the market will be visible to the naked eye.

To achieve a spectacular growth of the network, the attention of major players in the crypto world is necessary. However, it is not about extremities - instead of an influencer causing a pump effect, an organic growth of users who recognize the potential and functionality of Chia would be welcome. From this perspective, the release of the Chia NFT1 standard may prove to be a historic step for the entire community. Time will verify these hypotheses, though.

NFT and main development directions

NFT (Non-Fungible Token) is a unique, non-interchangeable token based on blockchain architecture, which serves as proof of ownership of a particular item. It works especially well for various types of digital goods - from virtual artworks to in-game items and intangible collectibles. The NFT market was worth $25 billion in 2021, and its value continued to grow in 2022, until the recent decline in both the cryptocurrency and NFT market.

The new standard also serves as a guideline for how Chia perceives the future of the NFT technology itself. Here are the proposed development directions:

• Digital Identity - the foundation is a clearer view of the origin of a given NFT through a decentralized identifier (DID). This allows linking the identities of creators with specific tokens,


• Chia Offers - with the Chia Offers system, contractors can trade their NFTs without intermediaries while honoring royalties for creators - this significantly reduces potential risks,


• Improved Durability and Storage - the new standard supports multiple cryptographic sources and shortcuts for digital NFT files and provides better durability of assets related to non-fungible tokens.

Key projects related to NFT1

While developing NFT1 Chia Network, various artists, community developers, and trading platforms were involved in wide-ranging consultations. This allowed addressing the pressing needs of both creators and collectors of NFTs.

Among the key projects, it is worth mentioning Dexie, SkyNFT, and Spacescan.io. Dexie, a peer-to-peer exchange for the Chia network, fully supports NFT transactions. It enables NFT and CAT (Chia Asset Tokens) trading within a single interface, with access to the entire price history and insight into collections in circulation. SkyNFT is an NFT marketplace built on the Chia blockchain. It supports online minting, transfers, and NFT trading, as well as additional features that offer the chance to receive free tokens (including Free Mint and Open Box). Lastly, Spacescan.io provides users with tools for exploring NFTs and insights into the Chia blockchain through detailed data analysis .

Unique PFPs to help marmots

To commemorate the introduction of the new NFT1 Chia standard, Chia released a limited edition of ten thousand unique (specially generated for this occasion!) profile pictures. The NFT collection, including a wide range of pixelated creatures, known as PFP Chia Friends, was randomly distributed among community members. In this way, the network not only honored its contribution to the development of the technology but also supported a noble cause. Chia Friends NFT transactions operate based on innovative blockchain licensing fees technology. In this case, 100% of the proceeds from the royalties of secondary sales go to the Marmot Recovery foundation, which works for the conservation of endangered marmots.

NFT1 standard - learn more

Detailed documentation on NFT1 is available on the network. We encourage all individuals considering NFT minting - publishing tokens on the Chia blockchain and offering them for sale - to familiarize themselves with these documents. Yes, there is a possibility of earning from NFT transactions, but we recommend exercising particular caution and warn against careless or speculative approaches - these are specific, illiquid assets, which carry a high element of risk.