Marketplace Independence

Chia enables true peer-to-peer trading through Offer Files with no counterparty risk.

Chia Offer Files are a trustless Peer-to-Peer mechanism to transact assets on the Chia blockchain without an intermediary party and with no counterparty risk. Offer Files also enforce royalties therefore there is no reliance on any middle parties (such as centralized marketplaces) to act as escrow. Individuals can sell and trade their NFTs with others via any communication means such as email, physical QR codes, social media, or one of many DEXs and Offer Files discovery websites.

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On-chain Royalties

Creator royalties are enforced on-chain when NFTs are traded trustlessly through Offer Files.

Royalties on secondary sales are one of the most attractive promises of NFTs to digital artists but on other chains this is enforced by centralized marketplaces that can (and have) changed their royalty enforcement policies at any time. In Chia, the enforcement of royalties is embedded at the individual smart coin level and are enforced on-chain on any sale using Offer Files. Note that transfers (moving an NFT from one address to another without the exchange of another asset) do not have royalties enforced to allow users to organize their assets freely.

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Consistent Provenance

Decentralized Identifiers (DIDs) enable creator and owner provenance on-chain.

Decentralized Identifier (DID) Profiles in Chia are a way for creators and collectors to identify themselves online. A DID can optionally be associated and verified with external linkages such as social media accounts and other real-world identifiers. This allows creators to attach provenance to the history and origin of an NFT to distinguish authentic collections from copycats.

The added provenance of who created the NFT, who has owned the NFT in the past, and who currently owns the NFT is recorded on-chain and becomes part of the NFT itself. Imagine a house or a painting that was previously owned by a notable person or was part of an historic event – that provenance adds a rich story and potential value to the asset.

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Digital Permanence

Additional sources for digital files can be appended to NFTs with cryptographic integrity.

NFT standards on other chains only allow the inclusion of a single location to store an image or asset – usually this is an IPFS or Arweave link. If the asset changes location or the link is no longer available in the future, the NFT is essentially broken. Chia NFT1 standard allows multiple redundant URIs as well as the ability for the NFT owner to append additional URIs with matching data hash at any time to ensure better digital permanence. This extends to the metadata and license URIs as well.

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Licenses and Media

Usage licenses and media support are part of the standard and not an after thought.

The NFT1 standard were built with many use cases and media formats in mind beyond just images. Inspired by the fine art world, an immutable usage license field is part of the NFT1 standard as well and attached to each individual NFT.

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True Ownership

Chia's coinset model means true NFT ownership and not just a data record in a smart contract.

In other chains that use an account model, NFT ownership is recorded in a smart contract which becomes a single point of failure. An exploited smart contract puts the entire collection at risk. With how the coin set model works in Chia, each NFT is a separate smart coin and only the owner of that coin has the ability to spend it.

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