NFT’s (non-fungible tokens) are digital assets that represent a wide range of items from collectibles to asset ownership such as real estate properties or fine art. NFT tokens are unique because they cannot be split into fractions like normal fungible tokens. They have been growing in popularity lately partly due to their novelty as well as the high value that a few digital collectibles have fetched such as the Beeple NFT selling for $69 million or Lebron James Top Shot NFT selling for $200,000. Of course, the high value of these items are not in the actual artwork or collectible itself, but rather in the rarity and demand for the ownership of the asset.
Aside from high-priced digital collectibles, NFTs have a wide range of use cases including gaming, digital identity authentication, as well as asset ownership.
Ethereum has primarily been used for NFT projects, but recently SLP has been making headway and a variety of projects have been cropping up.
Why NFT’s on SLP?
SLP resides on the Bitcoin Cash blockchain. Bitcoin Cash has very wide support and adoption, is fast, highly scalable (can handle a large amount of transactions) with very low transaction fees. Ethereum currently has a much higher transaction fee, such that it makes it unreasonable to trade NFTs when often the NFT is worth less than the transaction fee to send it.
How to Create NFTs on BCH using SLP
It is very easy to create NFTs with SLP. There isn’t any required way to do this, however, one way would be to use the Electron Cash Wallet as well as the desktop version of the Inter-Planetary File System (IPFS), which will allow you to upload a file to the IPFS network of nodes. With only a small fraction of BCH, you can then customize a new SLP NFT1 type token. A parent token must first be created in order to create non-fungible child tokens. Finally, before your token creation is completed, you must upload a file to IPFS in order to obtain an IPFS URL link. This link goes to the file associated with the collectible.
Current NFT projects using SLP
Due to the ease of creation on SLP, several developers are currently busy making use of the possibilities that NFTs provide. The following are just a few examples.
Collectible NFT RPG games provide a huge amount of potential for increasing the popularity and mass adoption of crypto. Once such game that is currently under development is Enter The Sphere.
In this game where you “pit yourself against each other in a fast paced action card game built on next generation blockchain technology”, you can create your avatar (parent token) and trade NFT items (child tokens) associated with your avatar on the NFT marketplace. Your NFTs are stored outside of the game’s servers in your own wallet.
Learn more about Enter The Sphere and subscribe for the Pre-Alpha here - https://enter-the-sphere.com/
Sweet, in partnership with bitcoin.com, has launched a “Broad-Scale NFT Solution for Leading Entertainment and Consumer Brands.” The focus of Sweet is to provide a platform for artists such as the a capella singing group, Pentatonix, to sell digital collectibles and merchandise. These collectables provide an excellent opportunity to provide extra incentives and loyalty rewards to fans for ticket or other online purchases as well as enhance fan engagement through the distribution of unique digital collectibles.
According to Sweet Founder and CEO Tom Mizzone: “SLP was an excellent fit for Sweet’s digital collectibles platform. We looked at several blockchain solutions and found Bitcoin Cash and SLP to be fast, scalable, and highly cost-effective. We couldn’t be more excited to participate in the growing SLP ecosystem.”
Learn more about Sweet at https://sweet.io/
Created by BCH developer JT Freeman (Blockparty_sh), “a term for a 2d girl, usually in anime or related art style, that someone has immense, and sometimes overwhelming, affection for.” Waifu each have a randomly select name and completely unique design generated by AI. Another addition has recently been added to display unique “traits” for each Waifu as seen in this example. Each Waifu artwork is available in a deterministic icon repository and can be viewed on the SLP Exporer.
Juungle.net is a marketplace to purchase and collect SLP-based NFTs with Bitcoin Cash. Waifu as well as other SLP NFT collections are currently available for sale on the platform such as Photoyshop, BCH.games, Zombie, MicahArts, OilPicture, JLV, lucivay, TORCH, SPHERE, and Bitcoin Cash NFT.
For more information about getting started with buying or selling NFT tokens on juungle.net, read their documentation here.
The future growth of NFTs on SLP
Needless to say, there is great potential for NFTs and the variety of use cases they provide. As developers continue to find new applications, several suggestions for improvements have been discussed within the SLP community such as enhancing wallet support as well as developer resources and creating new decentralized NFT marketplaces and trading platforms. To continue the discussion about NFTs on SLP, join the SLP group on Telegram.