How to Create Non-Fungible Assets and Collectible Tokens With Bitcoin Cash
The Simple Ledger Protocol (SLP) is celebrating its first anniversary. Since then there’s been a token explosion as thousands of unique coins have been created using the SLP system. The majority of SLP tokens have been a ‘type1’ token which defines a common list of rules for SLP-based tokens to follow within the larger Bitcoin Cash ecosystem. At the end of June, SLP engineers James Cramer and Jonald Fyookball published a new specification by extending the SLP token type 1 standard. The new type of token is called NFT1 which allows people to create non-fungible tokens that are grouped together by a single ID. The documentation on Github explains that having the ability to group non-fungible tokens (NFTs) in a provable manner opens many doors. Similarly to the ERC721 protocol, NFT1s can extend token creation to things like rare collectibles, digital media rights, raffles, tickets, and blockchain extensible games.
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