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In the summer of 2019, our press office released a step-by-step guide on creating a non-fungible token (NFT) asset by leveraging the Simple Ledger protocol built on top of the Bitcoin Cash blockchain. The following guide is an updated walkthrough on the process of creating an NFT collectible using the blockchain network with artwork uploaded to the Interplanetary File System (IPFS).
How to create a non-fungible SLP-based token using the Electron Cash e-wallet
Non-fungible token (NFT) assets have become all the rage in 2020 and the new year. In 2021, NFT vendors sold millions of dollars worth of NFT artwork and collectibles. NFT solutions have played a prominent role in the ETH chain, although the process was first popularized on the BTC chain with the original Rare Pepe collection.
Token solutions and NFTs have also spread to other blockchain networks and in 2019 news.Bitcoin.com released a walkthrough on how to take advantage of Simple Ledger Protocol (SLP) in order to create an NFT. NFT technology on the Bitcoin Cash network is still young and needs to become more robust, but it has matured a lot since our original NFT creation guide using the SLP framework.
The process explained in the following article is an update of this step by step guide, and how a person can sell an NFT after the typing process. To get started you will need the latest version of Electron Cash SLP version (3.6.6). PGP signatures and file hashes can be found in the project’s Github repository.
In addition to the wallet, you will also need a small fraction of Bitcoin Cash (BCH) to create and send SLP-based tokens. This is similar to the gas function used by Ethereum in order to create and push ERC20 token transactions. However, you can create and send SLP tokens with just one nickel ($ 0.05) so follow this guide.
From there, you need to download the desktop version of the Interplanetary File System (IPFS), which will allow you to upload a file to the IPFS node network. Once there is a small fraction of bitcoin cash (BCH) in your newly created Electron Cash SLP wallet, you can then customize a new SLP type NFT1 token.
The wallet interface has eight tabs for you to choose from, and one of them says “tokens”. At this point just tap on the ‘tokens’ tab and at the bottom of the wallet there is another tab that says ‘create new token’.
This will open a window in the Electron Cash SLP version wallet that allows you to customize SLP tokens and also create a single non-fungible asset. In order to complete my experience, I created a token called “Hysteria (HYS)” and the documentation for my NFT can be viewed here. Using the wallet, I entered the “token name”, “token symbol” and “document url”.
This is where IPFS comes in, because before you create the token you need to upload the file to IPFS and after uploading you get an IPFS URL link. The IPFS link leads directly to the collectible’s artwork or text document file.
Continuing with the wallet personalization fields after adding the IPFS URL link to the “Document URL” field, you should also ensure that the “Fixed Funding” and “Parent NFT” tabs are also checked. Since the NFT is not fungible, the token does not have decimal places, which essentially means that it cannot be divided into fractions.
Before creating the token, you can get an advanced preview of the creation by pressing ‘preview’ on the Electron Cash SLP wallet. If all is well, all you need to do is hit ‘create new token’ and the typing process will begin.
Sale of the NFT made by BCH and the Waifu NFT faucet
The NFT I created on Tuesday night was hit around 3/2/2021, 8:13:35 PM (ET) and confirmed at BCH block height 677,074. After I hit HYS, I might choose to sell the NFT through the BCH NFT Exchange in a non-custodial and trustless manner.
The BCH NFT Exchange web portal also offers a step-by-step guide so people can learn how to sell Bitcoin Cash based NFTs. After learning the platform’s trading process, you or anyone can simply tap Generate Trade Trade to create a on-chain trade without any risk from the counterparties.
Those interested in exchanging BCH-based NFTs can visit the Reddit forum / r / slpswap / to announce an offer. SLP-based non-fungible token makers can also choose to sell their NFTs using the memo.cash web portal, which also hosts an SLP trading exchange.
Since Bitcoin Cash NFTs are still in their infancy, there must be a plethora of wallets capable of recognizing IPFS URL links or a universal framework. For example, there is the waifufaucet.com website where people can get free and unique 2D anime art NFTs that have been minted on the BCH channel.
The creators of Waifu NFT also have a “Waifu Research Telegram Group” which can be used to discuss Waifus and NFT technology. Currently, most wallets do not recognize IPFS URLs and attached artwork, which basically means NFT kept in an unsupported wallet will not display an image if there is artwork (jpeg, png file) attached.
This probably won’t be the case for very long, as SLP improvements have been relentless since the protocol’s inception three years ago.
What do you think of the Electron Cash SLP wallet and the ability to easily create NFTs on Bitcoin Cash? Let us know what you think of this topic in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons, Tap Waifu NFT, Simpleledger.info, Electron Cash, Simpleledger.cash, IPFS, Jamie Redman,
Warning: This article is for informational purposes only. This is not a direct offer or the solicitation of an offer to buy or sell, nor a recommendation or endorsement of any product, service or business. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or allegedly caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
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