Introducing Jungle, a multi-chain NFT marketplace built on the Bitcoin Cash blockchain
The NFT market has seen a lot of recent growth with many new marketplaces trying to fill the gap. One such NFT marketplace is Jungle, an unknown NFT marketplace built on the Bitcoin Cash native blockchain.
Jungle is a new semi-decentralized marketplace that lets you buy or sell your NFT in a secure, and transparent environment. The team behind Jungle chose to forgo the use of Ethereum because of its higher transaction fees, which does not fit the problem at hand well. They use Bitcoin Cash instead because it has a lower transaction fee, and it's supported by the BCH network.
The transaction flow path for payment between buyers and sellers on the Jungle marketplace work similar to that of sideshift.ai, an instant 0-confirmation exchange with partial custody. They hold funds as short as possible to allow for the completion of trades between a buyer and seller.
How to use Jungle marketplace
To use Jungle marketplace the first thing to do is to create an account with your email and set a strong password for the account. There is no need for an Email confirmation. It takes just a few minutes to complete, and your account is up and running. The password is required to make withdrawals after you make a sale.
To send your NFT on sale on the Jungle marketplace navigate to Account from the dropdown on the home page if you are using a mobile and select wallet, copy the wallet address and send your NFT from any wallet that supports NFTs to the address. Jungle uses simple ledger addresses to receive deposits of NFTs. You need to take note of that.
Once your NFT is sent, navigate to My Assets to check your NFT, you will see the option to sell the NFT, set the price, and confirm it. Your NFT will be listed for sale on the marketplace immediately, and you can view your listed NFT by clicking on the MY Listed Assets button.
Once you have made a sale, the money will be held in your BCH wallet on the platform until you initiate a withdrawal. To withdraw the fund, navigate to Account, select wallet, then earning. Click on withdraw earning, enter the BCH address you want to send funds to, enter your password and click confirm and your funds will be sent to your address immediately for a small fee.
To buy NFT on the Jungle marketplace, you will need to have one of the supported wallets on Jungle. You can check this by visiting the wallets section for the list of supported wallets. Currently, Jungle supports only 3 BCH wallets which include the Zapit wallet, ElectroCash, and Signup wallet. The 3 wallets have simple ledger addresses that don't burn tokens, hence the reason for their choosing them.
After selecting a wallet of your choice, find the SPL address of the wallet on your device and copy it. Then go to the collection page to find the NFT you like to purchase. Click on the NFT you wish to purchase, confirm the details, and paste the SPL address you copied earlier. You will immediately be given an address to send the amount for the purchase in BCH. Once your BCH payment is sent, the NFT you purchased will be sent to the address you provided.
Interestingly, the Jungle marketplace will soon be launching a feature to enable anyone who wants to create NFTs to do so. Users will be able to create and sell their NFTs and be paid in BCH. This is great for BCH, and I wonder why nobody is talking about this development in the Bitcoin Cash community. This could well be the lifeline for BCH adoption since it doesn't require many technicalities like setting up a secondary network before a user can trade or buy NFTs on the site.
Moreover, anyone can buy or sell NFTs on the Jungle marketplace using any wallet that can hold NFTs irrespective of the blockchain they are based on. There is no wallet connect function or other technical requirements, which means any wallet from any network can be used on the marketplace. This is a great advantage for Bitcoin Cash and a big relief for Bitcoin Cash users who have been looking for a marketplace where they can sell and buy NFTs without the hassle of having to use a different network or get a different wallet.
The Jungle marketplace is a great place for BCH adoption and offers a great value to people using all other major blockchains to buy and sell NFTs using BCH. Being a native of the BCH service, it helps bypass the issues many Bitcoin Cash users encounter when converting BCH to SEP 20 before it can be used on smartBCH.
So far, Jungle marketplace seems to be a great success with over 100 different NFT collections of over 2,200 NFTs listed on the marketplace. I suggest all Bitcoin Cash users should try this marketplace.
What do you think about the Jungle marketplace? Let us know in the comments.
All images were screenshots from the Jungle marketplace website.
Disclaimer:
All information presented in this article is for enlightenment and entertainment purposes. It should not be taken as financial advice. Do your diligence to research before using any crypto product.
I think Simple Ledger Protocol is great but it is a bit hard to navigate around with, I have known about Juungle NFT market place before SmartBCH was a thing. One of the reason I didn't do anything on it was because I couldn't find how to use it with Bitcoin.com Wallet instead of the 3 supported wallets. I still want Simple Ledger Protocol (SLP) to be a thing and survive along with smartBCH side chain. SLP does have a few advantages over smartBCH but it seems that smartBCH is much more inclusive and user friendly.