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Step-by-Step Guide to Creating and Selling Non-Fungible Tokens. Guide to Creating and Selling Non-Fungible Tokens Built With Bitcoin Cash

How to Create an SLP-Based Non-Fungible Token Using the Electron Cash Wallet

Non-fungible token (NFT) assets have become all the rage in 2021 and into the new year. In 2021, NFT sellers have sold millions of dollars worth of NFT artwork and collectibles. NFT solutions have been prominent on the ETH chain, even though the process was first popularized on the BTC chain with the original Rare Pepe collection.

Token solutions and NFTs have also spread to other blockchain networks and back in 2019. This walkthrough shows how to leverage the Simple Ledger Protocol (SLP) in order to create an NFT.

The NFT tech on the Bitcoin Cash network is still young and needs to grow more robust, however, it has matured a great deal since my original NFT creation guide using the SLP framework.

The process explained in the following article is an update of that step-by-step guide, and how a person can sell an NFT after the minting process. In order to get started, you will need the latest version of the Electron Cash SLP version (3.6.6).

PGP signatures and file hashes are located at the project’s Github repository.

In addition to the wallet, you will also need a small fraction of Bitcoin Cash (BCH) to create and send SLP-based tokens. This is similar to the gas function used by Ethereum in order to mint and push ERC20 token transactions. However, you can create and send SLP tokens with only a nickel ($0.05) in order to follow along with this guide.

From here, you should download the desktop version of the Inter-Planetary File System (IPFS), which will allow you to upload a file to the IPFS network of nodes. Once there’s a small fraction of bitcoin cash (BCH) in your newly created Electron Cash SLP wallet, you can then proceed to customize a new SLP NFT1 type token.

The wallet’s interface has eight tabs you can choose from, and one of them says “tokens.” At this point simply press the “tokens” tab and at the bottom of the wallet, there’s another tab that says “create new token.”

This will open a window in the Electron Cash SLP version wallet that allows you to customize SLP tokens and make a single non-fungible asset as well.

In order to complete my experiment, I created a token called “Donald Trump Has Micropenis (DTHM)” and documentation on my NFT can be seen.

Using the wallet I entered the “token name,” “token symbol,” and the “document URL.”

This is where IPFS comes into play, because before you create the token, you need to upload the file to IPFS and after it is uploaded, you obtain an IPFS URL link. The IPFS link leads directly to the collectible’s artwork or text document file.

Continuing with the wallet customization fields after adding the IPFS URL link to the “document URL” field, you also need to make sure the “fixed supply” and “NFT Parent” tabs are checked as well. Because the NFT is non-fungible, the token does not have any decimals, which basically means it cannot be split into fractions.

Before creating the token, you can get an advanced look at the creation by pressing “preview” on the Electron Cash SLP wallet. If everything is satisfactory, you simply press “create new token,” and the minting process will begin.

A non-fungible token is a special type of cryptographic token which represents something unique; NFTs are thus not mutually interchangeable. This is in contrast to cryptocurrencies like bitcoin, and many network or utility tokens, that are fungible in nature. 

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