In the summer of 2019, our news service published a step-by-step guide on how to create a non-fungible token (NFT) asset using the Simple Ledger Protocol built on top of the Bitcoin Cash blockchain. The following guide is an updated walkthrough of the process of creating an NFT compilation using the blockchain network of artworks uploaded to the Inter-Planetary File System (IPFS).
How to create an SLP-based, non-flammable sign using the Electron Cash Wallet
Non-fungible token (NFT) assets became furious in 2020 and in the new year. By 2021, NFT sellers will be selling NFT works of art and collectibles for millions of dollars. NFT solutions were prominent in the ETH chain, although the process was first popular in the BTC chain with the original Rare Pepe collection.
Token solutions and NFTs also spread to other blockchain networks and news in 2019.Bitcoin.com published a breakthrough on how to leverage the Simple Ledger Protocol (SLP) to create an NFT. The NFT technology on the Bitcoin Cash network is still young and needs to become more robust, but it has fallen into disrepair since our original NFT creation guide using the SLP framework.
The process outlined in the next article is an update of the step-by-step guide, and how a person can sell an NFT after the care process. To get started, you 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 also need a small fraction of Bitcoin Cash (BCH) to create and send SLP-based tokens. This is similar to the gas feature Ethereum uses to facilitate ERC20 token transactions. However, you can create and send SLP tokens with only a nickel ($ 0.05) to follow this guide.
From here, you can download the desktop version of the Inter-Planetary File System (IPFS), which allows you to upload a file to the IPFS network of nodes. Once there is a small fraction of bitcoin cash (BCH) in your custom Electron Cash SLP wallet, you can proceed with customizing a new SLP NFT1 token.
The wallet interface has eight tabs to choose from, one of which says ‘signs’. Simply click on the “tokens” tab at this point and at the bottom of the wallet there is another tab that says “create new tokens.”
This opens a window in 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 sign called ‘Hysteria (HYS)’ and documentation about my NFT can be seen here. Using the wallet, I entered the “sign name”, “sign symbol” and the “document URL”.
This is where IPFS comes into play, because before you create the token, you need to upload the file to IPFS, and after uploading it, you will get an IPFS URL link. The IPFS link leads directly to the artwork or text document file of the collectible.
Continue with the wallet customization fields after adding the IPFS URL link to the “Document URL” field, and also make sure that the “Fixed Offer” and “NFT Parent” tabs are also checked. Because the NFT is non-fungible, the sign has no decimal numbers, which basically means that it cannot be divided into fractions.
Before creating the token, you can view the creation in advance by clicking on the “Electron Cash SLP wallet” preview. When everything is satisfactory, simply press “create a new sign”, and the construction process will begin.
Sell the BCH Crafted NFT and the Waifu NFT Crane
The NFT I created on Tuesday night was minted and confirmed at about 3/2/2021, 20:13:35 (ET) at BCH altitude 677 074. After hitting HIS, I was able to choose to enter the NFT via the BCH Sell NFT Exchange in a non-supervisory and confidential manner.
The web portal BCH NFT Exchange also has an ongoing guide so that people can learn how to sell Bitcoin-based NFTs. After learning the exchange process of the platform, you or anyone can simply push to generate an exchange transaction to create an onchain exchange without risking counterparties.
People interested in exchanging BFT-based NFTs can visit the Reddit forum / r / slpswap / to advertise an offer. SLP-based non-fungible token creators can also choose to sell their NFTs using the web portal memo.cash, which also offers an SLP exchange.
Because Bitcoin Cash NFTs are still in their infancy, there should be an abundance of wallets that can recognize the IPFS URL links or a universal framework. For example, there is the website waifufaucet.com where people can get free and unique NFTs of 2D anime art hit in the BCH chain.
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 the pinned artwork, which essentially means that the NFT held in an incompatible wallet does not display a picture when artwork (JPEG, PNG file) is attached not.
This is unlikely to be the case for very long, as SLP enhancements have been relentless since the protocol was created 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 below.
Image Credits: Shutterstock, Pixabay, Wiki Commons, Waifu NFT tap, Simpleledger.info, Electron Cash, Simpleledger.cash, IPFS, Jamie Redman,
Disclaimer: This article is for information only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or approval of any products, services or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is directly or indirectly responsible for any damage or loss caused or alleged to have been caused by or in connection with the use or reliance on any content, goods or services mentioned in this article.