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August 9, 2022
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Bitcoin Cash: how NFTs work in BCH

NFTs do not necessarily need the Ethereum blockchain – where they are currently more numerous – but they can also be created using other blockchains, such as Zilliqa, Cardano and Bitcoin Cash.

Thanks to the SLP token technology, which stands for Simple Ledger Protocol, NFTs can also be created on the Bitcoin Cash blockchain, although it should be said that the system is a little more complicated.

How to create an NFT in Bitcoin Cash

First, it is necessary to use the wallet Electron Cash SLP in its most recent version (3.6.6) and have some fractions of a BCH – a few cents – to pay the fees, although these are insignificant compared to Ethereum fees which often amount to more than $ 50, depending on the blockchain is busy.

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

Then, enter the name of the token, the symbol and the URL document. This document must be created in IPFS, where you can upload a file and the system will return a URL for you to insert in the wallet.

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

Where to sell and buy NFTs

To sell your work, you will need an account at 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.

Source: cryptonomist

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