Chia has rolled out its NFT offerings and is setting its sights on rivaling Ethereum and Solana.
Chia, the blockchain network founded by Bram Cohen of BitTorrent fame, has launched the NFT1 standard on its mainnet, alongside a new collection dubbed Chia Friends. NFT Earlier this May, Chia announced its innovative NFT platform. launched the previous version, NFT0, on testnet.
Their newly established NFT platform aims to be more environmentally friendly than Ethereum while offering greater stability than current alternatives. Solana Ethereum and Solana dominate the NFT landscape, with Ethereum topping the chart in transaction volume and housing many of the leading blue-chip NFT projects.
Chia is looking to challenge the NFT market leaders, but as a Layer 1 blockchain, it is currently limited to processing 30 transactions per second (TPS), in stark contrast to Solana's capability of handling thousands. For Chia to manage a significant NFT minting event, expansion will be essential.
According to the network, it has already outperformed Ethereum and Solana in various respects, such as enhancing NFT provenance through the use of a decentralized identifier (DID) and ensuring the permanence of assets associated with NFTs. Chia’s innovative offer system allows users to trade NFTs among themselves, bypassing the need for exchanges.
Chia Friends consists of 10,000 Profile Picture NFTs that bear a resemblance to Ethereum's highly sought-after collections. Moonbirds These NFTs will be allocated to the network's farmers, who are integral to Chia's proof of space and time model. This model utilizes users' storage space, thus establishing a mining approach that consumes significantly less energy than Ethereum's.
As Gene Hoffman, president of Chia, remarked, 'Our layer-1 blockchain is aimed at enterprise, governmental, and multilateral applications, such as the World Bank’s Climate Warehouse. Our focus is intentionally placed on security and decentralization, making our network fundamentally distinct in its purpose compared to something like Solana.' stated .
Richard Tsao, VP of NFT business development at Chia Network, stated, 'To enhance adoption, we believe that linking your on-chain identity and royalties with Chia Offers represents new and crucial components for the future of NFTs.'
Read related posts:
- MetaGuide: How to mint NFTs on Solana?
- A beginner's guide on acquiring Solana NFTs: How to purchase NFTs using SOL.
- NFTs based on Solana are now officially available on OpenSea.
Disclaimer
In line with the Trust Project guidelines Just a reminder, the information on this page is not to be considered legal, tax, investment, or financial advice. It's important to only invest what you can afford to lose and to consult with an independent financial advisor if you're uncertain. For more details, please review the provided terms and conditions as well as the help and support resources from the issuer or advertiser. MetaversePost strives for accurate and impartial reporting, but do note that market conditions can change unexpectedly.
