Thanks to SLP token technology, which stands for Simple Ledger Protocol, we can be create an NFT on Bitcoin Cash blockchain, although it must be said that the system is a bit more cumbersome.
How to create an NFT on Bitcoin Cash
First you need to use the Electron Cash SLP wallet in its latest version (3.6.6) and have a few fractions of BCH – a few cents – to pay the fees, these are ridiculous compared to the fees on Ethereum, which often reach over $ 50, depending on how busy network is. You can create and send SLP tokens for as little as $ 0.05.
You should then download the desktop version of the Inter-Planetary File System (IPFS), which allows you to upload the file to a network of IPFS nodes. Once your newly created SLP Electron Cash has a small fraction of the BCH, you can proceed to customize the new SLP NFT1 token.
The wallet interface has several cards to choose from, and one of them has a “tokens” on it. At this point, simply press the “tokens” card and there is another card at the bottom of the wallet that says “create new token“.
First, a parent NFT1 must be created to creating child NFT1. The Parent token allows the creation of non-fungible tokens called cildren, which basically means that the ID of the Parent token keeps them all together as a family.
After creating a parent element to create a child NFT1 element, simply right-click on the parent token and select “Create new NFT“.
This is where IPFS enters the game, because before you can create a token, you must upload the file to IPFS, and after uploading it, you will get an IPFS URL link. The IPFS link leads directly to a work of art, a text document file, or a collectable item.
Continue with your wallet by adding the IPFS URL link to the “document URL” field.
Before creating a token, you can get a more detailed view of the creation by pressing the “preview” button on the Electron Cash SLP. If everything is satisfactory, simply press “Create a new token” and minting process will begin.
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Where to sell and buy NFT
To sell your work, you will need account on the BCH NFT Exchange. Creators of non-fungible SLP-based tokens can also choose to sell their NFTs through the memo.cash web portal.
It’s certainly a much less automated process than using a platform like OpenSea, which uses the Ethereum blockchain, but it’s a way to save on fees, so it has pros and cons.
