Blockchain network Chia has launched its first NFT standard on mainnet.
Chia Network’s Gene Hoffman claims that it provides benefits over Ethereum and Solana, which have thriving NFT markets.
Ethereum currently rules the NFT market in both trading volume and high-value projects, with rising rival Solana trailing behind on both markers. But there’s an incoming entrant that aims to deliver where it claims that both competing blockchain platforms fall short: Chia.
Chia turned heads in the crypto space in the spring of last year, delivering a new kind of storage-based alternative to blockchain security and mining that it claimed made it a “green” alternative to Bitcoin and Ethereum.
Now the platform wants to bring that same ethos to NFTs.
Today, Chia announced the launch of its so-called NFT1 standard on mainnet, just weeks after rolling out the initial NFT0 standard on testnet. Speaking with Decrypt, Chia Network Director, President, and COO Gene Hoffman suggested that the new NFT-capable platform would be more eco-friendly than Ethereum and more stable than Solana, which has seen spurts of downtime since last fall.
We’re excited to share our approach to NFTs with the Chia NFT standard. You can start testing and development with our NFT0 standard on Testnet today. We can’t wait to see the projects you build!