Data Vault Holdings Inc., the emerging leader in metaverse data visualization, valuation, and monetization, and Chia Network Inc, an open-source, public blockchain optimized for real-world adoption founded by Bram Cohen, announced a partnership to exhibit NFT Art of the world-renowned photographic artist William Fortescue at the 1571 Gallery in London.
Through the newly announced partnership, the Datavault® platform now allows users to mint NFTs on the Chia Blockchain. The Chia Network NFT1 standard offers novel features for NFTs, including on-chain royalties, digital identity, and integration with Chia Offers, furthering the breadth of services offered to Datavault’s users. Price discovery, comprehensive yield management, and selection of blockchain are among the tools that set Datavault’s U.S.-developed Web 3.0 platform apart from competitors in the marketplace today. Chia’s blockchain adds control at the token level and offers a low carbon footprint.
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“Chia brings significant security advantages through its Coinset Model and innovative NFT standard, which we believe is a necessary piece of the broader adoption of Web3 and NFT technology,” said Nathaniel Bradley, CEO of Data Vault Holdings, Inc. “Our 1571.io operation has been a great starting integration point for our teams. The proper use of the right blockchain to associate with the assets over the long term is also an integral feature of our platform – Chia is innovative, secure and energy efficient and has solved for token level smart contracts. Our partnership is designed to solve problems, drive continued innovation, and bring forth world-class customer-centric solutions.”
“Datavault® partnered with Chia to address two primary concerns from artists: resale royalties (droit de suite) and sustainability. With Chia’s NFT1 standard, royalties are enforced on-chain by default with royalty rates defined by the creators, not the marketplaces,” said Gene Hoffman, Director, President and COO, Chia Network. “By focusing on creators’ needs first, Chia’s approach seeks to address the challenges and friction artists face today in the NFT ecosystem.”