How to Create Non-Fungible Tokens (NFTs) on the Bitcoin Cash Blockchain

0 30
Avatar for Richard-M-Adrian
1 year ago

Bitcoin Cash: how do NFTs work on BCH

Did you know that you can create non-fungible tokens on the Bitcoin Cash blockchain? This exciting new technology allows for the creation of unique digital assets, which can be used in a variety of ways. In this blog post, we will discuss how to create NFTs on the Bitcoin Cash blockchain and explore some of the possibilities that this technology opens up. Thanks to SLP token technology, it has never been easier to create custom tokens!

What are NFTs?

So what are NFTs? Simply put, they are digital assets that are not interchangeable. This means that each individual token is unique and cannot be replaced by another token of the same type. NFTs can be used for a variety of purposes, including gaming, collectibles, and identity verification. They can also be traded on decentralized exchanges, providing a new way to trade digital assets.

One of the advantages of NFTs is that they can be used to create virtual worlds and games. These worlds can be used to store and trade digital assets, giving users a new way to interact with their favorite games and characters. Another advantage of NFTs is that they can be used as a form of identity verification.

These advantages make NFTs very appealing to developers who want to build applications that will have a lasting impact on the world around us - from financial services and blockchain technology, we're seeing more and more businesses adopting NFTs because they offer them an easy way to create digital assets. The Bitcoin Cash blockchain is the perfect platform for NFTs, as it has the capacity to handle large numbers of transactions without any problems.

So how do you create an NFT on Bitcoin Cash? The process is a bit more cumbersome than on Ethereum, but it can be done with a little bit of effort. First, you need to create an SLP token. This can be done by simply sending Bitcoin Cash to an address that has been generated with the SLPDB tool. You send Bitcoin Cash to this address, and the Bitcoin Cash will then be used as a fee for creating your new NFT!

Once you've created your new NFT, you'll need to add it to a Bitcoin Cash wallet. You can do this by using the SLP token viewer, which will show you all of the tokens that are stored in your Bitcoin Cash wallet. From there, you can simply send and receive your NFTs like any other Bitcoin Cash transaction!

The Bitcoin Cash blockchain is the perfect platform for NFTs, as it has the capacity to handle large numbers of transactions without any problems.

How to create an NFT on Bitcoin Cash

To begin, you'll need an Electron Cash SLP wallet that's up to date (3.6.6) and has a few BCH pieces – a few cents – to pay the costs, which are modest in comparison to Ethereum's fees, which can reach well over $50 depending on how busy the blockchain is.

To upload your file to the blockchain, you'll need to code it using IPFS. To create a new token on your wallet, choose "SLP NFT1 type token," the name of the NFT standard on Bitcoin Cash, then "Create new Token."

In the Bitcoin Cash blockchain, your NFT will be unique. You can verify this by using a tool called SLP Explorer to see all Bitcoin Cash transactions, including token creation. Go to BitcoinCashSLPExplorer and type in the hash of your newly created NFT – it should have been sent back to you during the creation process – and the explorer will show you its associated transactions.

You're now the proud owner of an NFT on Bitcoin Cash! To store or use it, simply go to your Electron Cash SLP wallet and choose "SLP Tokens." From there, you can see a list of all your tokens and their corresponding balances. You can also view them on BitcoinCashSLPExplorer, where they will be displayed under the NFT standard (NFT) section.

To trade your NFTs with other Bitcoin Cash SLP wallet users, you can use the Bitcoin Cash version of OpenSea – BCGOpenSea – which is currently in the beta stage but is fully functional and works well.

$ 0.25
$ 0.25 from @TheRandomRewarder
Avatar for Richard-M-Adrian
1 year ago