BTC Cash: how do NFTs work on BCH
2 min read
NFTs, or non-fungible tokens, do not necessarily have to be based on the ETH blockchain – where they are currently more numerous – but can also be created using other blockchains, such as Zilliqa, Cardano and BTC 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 BTC 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 ETH’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 BTC 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 ETH blockchain, but it is a way to save on fees, so it has its pros and cons.
The post BTC Cash: how do NFTs work on BCH appeared first on The Cryptonomist.
