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Bitcoin Cash: how do NFTs work on BCH
Bitcoin Cash: how do NFTs work on BCH
Blockchain

Bitcoin Cash: how do NFTs work on BCH

By Amelia Tomasicchio - 27 Mar 2021

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NFTs, or non-fungible tokens, do not necessarily have to be based on the Ethereum blockchain – where they are currently more numerous – but can also be created using other blockchains, such as Zilliqa, Cardano and Bitcoin Cash.

Thanks to SLP token technology, which stands for Simple Ledger Protocol, NFTs can also be created on the BCH blockchain, although it has to be said that the system is a bit more cumbersome.

How to create an NFT on Bitcoin Cash

First, it is necessary to use the Electron Cash SLP wallet in its latest version (3.6.6) and have a few fractions of a BCH – a few cents – to pay the fees, although these are derisory compared to Ethereum’s fees which often reach over $50, depending on how busy the blockchain is.

You will also need to download the IPFS program to upload your file to the blockchain. On the wallet select “SLP NFT1 type token”, the name of the NFT standard on Bitcoin Cash, and then click on “Create new Token”.

Next enter the token name, symbol, and URL document. This document should be created on IPFS, where you will be able to upload a file and the system will return a URL for you to enter into the wallet.

You can also see a preview of the work before publishing it, so you can see if you need to make any changes or proceed with publication.

Where to sell and buy NFTs

In order to sell your work, you will need an account on the BCH NFT Exchange or juungle.net. 

This is certainly a much less automated process than using a platform like OpenSea, which uses the Ethereum blockchain, but it is a way to save on fees, so it has its pros and cons.

 

Amelia Tomasicchio
Amelia Tomasicchio

As expert in digital marketing, Amelia began working in the fintech sector in 2014 after writing her thesis on Bitcoin technology. Previously author for Cointelegraph and CMO at Eido. She is now the co-founder and editor-in-chief of The Cryptonomist.

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