In the summer of 2019, our news desk published a step-by-step guide on how to create a non-fungible token (NFT) asset taking advantage of the Simple Ledger Protocol created on top of the Bitcoin Cash blockchain. The following guide is an updated step by step on the process of creating an NFT collectible using the blockchain network with the art uploaded to the Interplanetary File System (IPFS).
How to Create an SLP-Based Non-Fungible Token Using the Electron Cash Wallet
Non-fungible token (NFT) assets became fashionable in 2020 and the new year. In 2021, NFT salespeople sold millions of dollars worth of NFT artwork and collectibles. NFT solutions have been prominent in the ETH chain, although the process was first popularized in the BTC chain with the original Rare Pepe collection.
Token and NFT solutions have also spread to other blockchain networks, and in 2019 news.Bitcoin.com published a step-by-step guide on how to take advantage of the Simple Ledger Protocol (SLP) to create an NFT. The NFT technology in the Bitcoin Cash network is still young and needs to become more robust, however, 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 coinage process. To get started, you will need the latest version of the Electron Cash SLP version (3.6.6). PGP signatures and file hashes are located 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 to create and send ERC20 token transactions. However, you can create and send SLP tokens with just one nickel ($ 0.05) to accompany this guide.
From here, you must 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 SLP Electron Cash wallet, you can continue to customize a new token of the SLP NFT1 type.
The wallet interface has eight tabs to choose from, one of which says “tokens”. At this point, just press the “tokens” tab and, at the bottom of the wallet, there is another tab that says “create new token”.
This will open a window on the Electron Cash SLP version wallet that allows you to customize SLP tokens and also create a single non-fungible asset. To complete my experiment, I created a token called “Hysteria (HYS)” and the documentation on my NFT can be seen here. Using the wallet, I typed the “token name”, “token symbol” and the “Document URL”.
This is where IPFS comes into play, because before creating the token, you need to upload the file to IPFS and, after uploading it, you get an IPFS URL link. The IPFS link leads directly to the collector’s art or text document file.
Continuing with the wallet personalization fields after adding the IPFS URL link to the “Document URL” field, you also need to make sure that the “fixed supply” and “Pai NFT” tabs are also checked. Since the NFT is not fungible, the token has no decimals, which basically means that it cannot be divided into fractions.
Before creating the token, you can get an advanced view of the creation by pressing “preview” on the Electron Cash SLP wallet. If everything is satisfactory, you simply press “create new token” and the coinage process will begin.
Selling BCH Crafted NFT and Waifu NFT Faucet
The NFT that I created on Tuesday night was coined approximately on 02/03/2021, 8:13:35 pm (ET) and confirmed at the time of block BCH 677,074. After minting HYS, I could choose to sell the NFT through the BCH NFT Exchange in a non-custodial and unreliable manner.
The BCH NFT Exchange web portal also has a step-by-step guide for people to learn how to sell Bitcoin Cash-based NFTs. After learning the platform exchange process, you or anyone can simply press generate an exchange transaction to create an onchain exchange with no counterparty risks.
People interested in exchanging BCH-based NFTs can visit the Reddit / r / slpswap / forum to announce an offer. Creators of non-fungible SLP-based tokens can also choose to sell their NFTs using the memo.cash web portal, which also hosts an SLP trade exchange.
Since Bitcoin Cash NFTs are still in their early stages, there needs to be a plethora of wallets that can recognize IPFS URL links or some universal structure. For example, there is the website waifufaucet.com where people can get free and exclusive NFTs of 2D anime art that was coined on the BCH network.
The creators of Waifu NFTs also have a “Waifu Research Telegram Group” that can be used to discuss Waifus and NFT technology. Currently, most wallets do not recognize IPFS URLs and linked art, which essentially means that the NFT held in an incompatible wallet does not show an image if art (jpeg, png) is attached.
It probably won’t be the case for long, as SLP improvements have been relentless since the protocol was created three years ago.
What do you think of the SLP Electron Cash wallet and the ability to create NFTs in Bitcoin Cash with ease? Let us know what you think about this subject in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons, Waifu NFT faucet, Simpleledger.info, Electron Cash, Simpleledger.cash, IPFS, Jamie Redman,
Disclaimer of Liability: This article is for information purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damages or losses caused or allegedly caused by or in connection with the use or reliance on any content, goods or services mentioned in this article.