In the summer of 2019, our news desk published a step-by-step guide on how to create an NFT (Non-Fungible Token) asset using the Simple Ledger Protocol, which is based on the Bitcoin Cash blockchain. The following guide is an updated walkthrough of how to create an NFT collectible using the blockchain network with graphics uploaded to the Inter-Planetary File System (IPFS).
Create an SLP-based non-fungible token using the Electron Cash Wallet
Non-fungible token (NFT) investments are all the rage in 2020 and New Year. In 2021, NFT vendors sold tens of millions of dollars in NFT artwork and collectibles. NFT solutions were of paramount importance in the ETH chain, although the process was first popularized in the BTC chain with the original Rare Pepe collection.
Token solutions and NFTs have expanded to other blockchain networks as well. As early as 2019, news.Bitcoin.com published a walkthrough for using the Simple Ledger Protocol (SLP) to create an NFT. The NFT technology in the Bitcoin Cash network is still young and needs to be more robust. However, it has matured a lot since our original NFT build guide using the SLP framework.
The SLP version of Electron Cash is currently 3.6.6 at the time of writing and new versions will be released after this article is published. Always check the official website for the latest version and always check the PGP signatures. The Electron Cash SLP version is great for minting SLP tokens, but other Bitcoin Cash compatible non-custody wallets like Bitcoin.com’s Wallet and Zapit can send and store NFTs created using the Simple Ledger Protocol.
The process explained in the article below is an update of this step-by-step guide and shows how a person can sell an NFT after completing the coinage process. To get started, you need the latest version of the Electron Cash SLP version (3.6.6). PGP signatures and file hashes are in the project’s Github repository.
In addition to the wallet, you will need a small portion of Bitcoin Cash (BCH) to create and send SLP-based tokens. This is similar to the gas function used by Ethereum to coin and push ERC20 token transactions. However, you can create and send SLP tokens with just one nickel ($ 0.05) by following this guide.
The Inter-Planetary File System (IPFS) is a decentralized protocol and peer-to-peer network that can store and share data in a distributed file framework. If you’re creating a BCH-based NFT with a file attached like an artwork, you can upload the JPEG or image file to IPFS and get a URL link to tether it to the NFT token that you get with the Electron Cash SLP Wallet.
From here you should download the desktop version of the Inter-Planetary File System (IPFS) which will allow you to upload a file to the IPFS node network. Once there is a small portion of the Bitcoin money (BCH) in your newly created Electron Cash SLP wallet, you can customize a new SLP NFT1 token.
The wallet interface has eight tabs for you to choose from. One of them says “Token”. At this point, just hit the token tab. At the bottom of the wallet is another tab that says “Create New Token”.
Complete the token customization fields in the Electron Cash SLP wallet.
This will open a window in the Electron Cash SLP version wallet where you can customize SLP tokens and also create a single non-fungible asset. To complete my experiment, I created a token called “Hysteria (HYS)”. You can find the documentation for my NFT here. Via the wallet, I entered the “token name”, the “token symbol” and the “document url”.
This is where IPFS comes in because before creating the token you need to upload the file to IPFS and after uploading you will get an IPFS URL link. The IPFS link leads directly to the picture material or the text document file of the collector’s item.
The NFT that I created on Tuesday evening was minted roughly on March 2nd, 2021, 8:13:35 p.m. (ET) and confirmed at BCH block height 677,074.
If you continue with the wallet customization fields after adding the IPFS URL link to the Document URL field, you will also need to ensure that the Fixed Supply and NFT Parents tabs are also checked. Since the NFT is not fungible, the token has no decimal places, which basically means it cannot be broken down into fractions.
The opcode metadata that is tied to the non-fungible token created using the Simple Ledger Protocol.
Before creating the token, you can get an extended overview of the creation by clicking on “Preview” in the Electron Cash SLP wallet. If everything is satisfactory, just hit “Create New Token” and the minting process will begin.
Simpleledger.info is an SLP transaction explorer that can provide information on all SLP tokens, transactions, burns and expenses since the log began.
Sale of the BCH Crafted NFT and the Waifu NFT faucet
The NFT that I created on Tuesday evening was minted roughly on March 2nd, 2021, 8:13:35 p.m. (ET) and confirmed at BCH block height 677,074. After coining HYS, I was able to choose to sell the NFT on the BCH NFT Exchange in a non-custodial and trustworthy manner.
The BCH NFT Exchange web portal also has a walkthrough that can help users learn how to sell Bitcoin Cash-based NFTs. After learning about the platform’s swap process, you or anyone else can simply click Generate Swap Transaction to create an onchain swap with no counterparty risk.
Individuals interested in exchanging BCH-based NFTs can visit the Reddit forum / r / slpswap / to promote an offer. SLP-based, non-fungible token makers can also sell their NFTs via the memo.cash web portal, which also has an SLP trading exchange.
With the BCH NFT Exchange, a user can generate a swap transaction in order to sell the NFT in a decentralized manner without requiring custody. SLP-based, non-fungible token makers can also sell their NFTs via the memo.cash web portal, which also has an SLP trading exchange.
Since Bitcoin Cash NFTs are still in their early stages, there needs to be a variety of wallets that can recognize the IPFS URL links or some universal framework. For example, there’s waifufaucet.com where people can get free and unique NFTs of 2D anime art minted in the BCH chain.
The Waifu NFT faucet.
The developers of Waifu NFTs also have a Waifu Research Telegram Group with which the Waifus and NFT technology can be discussed. Currently, most wallets do not recognize IPFS URLs and the attached graphics. This essentially means that the NFT contained in an incompatible wallet will not display an image when graphics (JPEG, PNG file) are attached.
This likely won’t be the case for long as the SLP improvements 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 on this matter in the comments section below.
Tags in this story
BCH, Bitcoin Cash, Blockchain, Collectibles, Electron Money, Expandable Items, HYS, Hysteria, Images, IPFS, IPFS.io, Metadata, NFT1, Non Fungal, Op_Return, Opcode, Script, Simple Ledger Log, SLP NFT1 Type, SLP Token , Technology, tokens
Photo credit: Shutterstock, Pixabay, Wiki Commons, Waifu NFT-Wasserhahn, Simpleledger.info, Electron Cash, Simpleledger.cash, IPFS, Jamie Redman,
Disclaimer of liability: This article is for informational purposes only. It is not a direct offer or a solicitation of an offer to buy or sell or a recommendation or approval of products, services or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author are directly or indirectly responsible for any damage or loss caused or allegedly caused by or in connection with the use or reliance on any content, goods or services mentioned in this article.
