NFTs are all the rage in the crypto world, with some pieces of NFT artwork selling for over $69 Million USD. Unfortunately, high ETH gas fees make creating and trading NFTs on the Ethereum blockchain especially expensive for average investors, and many creators, collectors, and traders may prefer lower cost alternatives. In this post, I will show you how to take advantage of low transaction fees and purchase and sell NFTs on the Bitcoin Cash blockchain using the Juungle marketplace.
Bitcoin Cash Advantages.....and Disadvantages
As with everything in life, there are certain tradeoffs when purchasing/selling NFTs on the Bitcoin Cash blockchain. On the plus side, Bitcoin Cash has extremely low transaction fees and an incredibly supportive community that makes the barrier to entry for creating NFTs very low from a cost perspective.
On the flip side, I have found creating NFTs on Bitcoin Cash to be considerably more difficult than creating NFTs on Wax. As always, the choice is yours, but I do think that the ability to create and sell NFTS on the Juungle marketplace is a great option for individuals who prefer BCH as their crypto of choice.
Purchasing NFTs on Juungle
Purchasing NFTs on Juungle is relatively simple and can be done without creating an account. In order to purchase an NFT, you simply sort the items by what collection you like and select the NFT you want.
After clicking on the artwork, you will click "open" and a screen will appear with an address to send BCH. Once the BCH is sent to that address, the NFT will be sent to the wallet that you enter. One key point to remember is that although you are paying for the NFT in BCH, the actual token is an SLP (Simple Ledger Protocol) token that MUST be sent to an SLP address. For more info on SLP check here.
One advantage of working with Juungle, and NFTs in a more general sense, is that you can check their creation history, transfer history, ownership history, and ownership details through a block explorer. The Juungle makes this easy and includes a verify option beneath each listed NFT. That automatically takes you to the NFTs description on an SLP explorer so you can verify authenticity as well as mintage details.
Selling NFTs on Juungle
So, I have to start off this section with the warning that I am NOT by any stretch of the imagination a digital artist. Thus, this will not be an NFT creation article, but rather a tutorial of how to sell an already created NFT on the Juungle marketplace.
To create your NFT, you must have an SLP compatible Bitcoin Cash Wallet. I prefer the SLP enabled version of Electron Cash, but you are free to choose what you like. Details of actually creating the NFT in Electron Cash can be found here. It's not my article, but the author did a fantastic job on it.
Once you have actually created the NFT, selling on Juungle is easy. First, you need to create an account. From there, click on the Wallet Tab which will show an SLP address that you must send your token to.
Copy this address and then go to your Electron Cash wallet and select Send. From there, click the token you want to sell, and send it to the address that was provided on Juungle.
Once that transaction processes on the BCH network, the NFT will be displayed under your "Unlisted Assets".
The NFT can then be listed for sale for whatever price you choose.
Those of you who have followed my work know that I am a big fan of Bitcoin Cash. Its low transaction fees and the willingness of the community to experiment mean that its easy to "dabble" with creating your own cryptocurrency token or creating an NFT. Although it may be more difficult to create an NFT on Bitcoin Cash than WAX, I still think that having more choice and options is great for crypto. The Juungle marketplace gives BCH fans an easy way to buy and sell NFTs on the Bitcoin Cash blockchain, and is worth checking out simply to see how great BCH is at adopting and incorporating features from other chains to better serve its community.
BONUS: Be one of the first five people to leave your WAX wallet address on the YouTube video and I'll send a commemorative NFT of the video to your WAX address. This is just a thing that I like to do to show my appreciation for all the support, and the NFT is offered as token of that appreciation with no warranty whatsoever. YouTube has a nasty habit of deleting WAX addresses, so may the odds be ever in your favor.
As always, thanks for reading. Nothing is financial advice.
Some of the cryptocurrency platforms that I find helpful are listed below. When you join with one of my links, there is no cost or penalty to you, but it does help support my work.
Publish0x – Cryptocurrency blogging site
LBRY – Decentralized video hosting
Splinterlands – Online Trading Card Game
Coinbase – For those times when I need to use a centralized exchange.