Chia launches NFTs and plans to compete with Ethereum and Solana
Blockchain network company Chia, founded by BitTorrent creator Bram Cohen, has released the NFT1 standard on mainnet along with the NFT collection Chia Friends. Earlier in May, Chia launched the previous version, NFT0, on testnet.
The company’s new NFT platform aims to be greener than Ethereum and more stable than Solana. These two networks make up the majority of the NFT market, with Ethereum leading in trading volume and holding most of the blue-chip NFT projects.
Chia aims to compete against the two NFT network giants in the future, but as a Layer 1 blockchain, Chia can only process 30 transactions per second (TPS), whereas Solana can process thousands. To withstand a big NFT mint, Chia would have to eventually scale its system.
The network claims its functionality already has better features than Ethereum and Solana. These features include improvements in the provenance of an NFT via a decentralized identifier (DID) and the permanence of all other assets tied to NFTs. Chia’s current offer system allows users to trade NFTs directly with other users, eliminating the need for an exchange.
Chia Friends are 10,000 PFP NFTs that resemble Ethereum’s highly-coveted Moonbirds. The NFTs will be distributed among the network’s farmers (miners), who are responsible for Chia’s proof of space and time model based on the user’s storage space, thus creating a less energy-intensive mining model than Ethereum.
“As a layer-1 [blockchain], focusing on enterprise, government, and multilateral use cases like the World Bank’s Climate Warehouse, we intentionally focus on security and decentralization. Our network simply has an eminently different function and purpose than a network like Solana,” Chia’s President Gene Hoffman stated.
“With our goal to drive adoption, we know that the ability to link your identity, on-chain royalties, and Chia Offers are new and significant functional components to the future of NFTs,” said Richard Tsao, VP of NFT business development at Chia Network.
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