In a blog post released this evening, Chia Network has detailed out their plans for the NFT standard they will be releasing this year. This is of special interest to me and the Marmotverse team, so I paid very close attention.
The most immediate piece of news is the phased approach. Chia will be releasing the NFT standard in two phases, the first will be NFT0 which will reside on testnet and serve to test various parts of the smart contract and solicit community feedback on desired functionality. This will be similar to Ethereum’s ERC-721 that serves as the basis of the current NFT craze. Phase two, or NFT1, will be the culmination of those efforts plus community feedback to deliver the next generation NFT standard that we have been promised.
Chia is also claiming that they will be approaching the fine art world as the main vertical for their strategy. I am not sure this will work, but I haven’t been in any of those conversations so who knows. I do know it has been tried before, to varying levels of success so I hope we see a fresh approach and some consistent results.
NFT0 is launching today, and there is documentation on how to get that working. I can assure you the Marmotverse team will be taking a careful look at this and running another full round of testing with our on-chain NFTs.
I think this is a really good first start for Chia NFTs. I do wish they were moving faster with them, of course, but more important than that is a working product that doesn’t need revision. As both an owner of many NFT exchange tokens, and as a project member for the premiere Chia NFT project my interests are very aligned with getting things right the first time.