Why and How to Burn an NFT: A Comprehensive Guide
Are you looking to manage the value of your NFT collection? Or you may have a broken or surplus token that you want to get rid of. Burning your NFT may just be the solution you’re looking for. But what does it mean to “burn” an NFT?
This comprehensive guide will explore why you might want to burn your NFTs. We’ll also cover how to burn an NFT on various blockchains, including Ethereum, Solana, and Polygon.
Whether you’re an avid NFT collector or a creator looking to manage your token supply, learning more about why and how to burn an NFT can be valuable.
So grab a cup of coffee, and let’s dive into the process of burning an NFT
Can NFTs be Destroyed?
While NFTs are typically immutable once minted on the blockchain, you can actually destroy them. The process is called NFT burning, and it involves sending the token to an unspendable address that nobody can access. Essentially, burning an NFT is equivalent to wiping it out completely.
What Does It Mean To Burn An NFT?
Burning an NFT means getting rid of it for good. To burn an NFT, you’ll need to transfer the token to an address no one can access. Once you’ve burned an NFT, there’s no way to retrieve it, so it’s important to be certain that this is what you want to do.
It’s worth noting that when you publish a digital asset on the blockchain, it’s there forever—you can’t delete it. So, if you want to permanently remove an NFT from your collection or the market, burning it is the way to go.
What Is an NFT Burn Address?
An NFT burn address is a private wallet address where NFTs are sent to be destroyed. It’s also known as an “address eater,” and it’s a null address that no one can access. Think of it like a lock with no keyhole to open it.
While there are likely many burn addresses on Ethereum, the official one is 0x00000000000000000000000000000000dEaD.
Polygon’s address eater is 0x000000000000000000000000000000000000, while Solana’s burn address is ‘remove.sol.’
Sending an NFT to this address essentially removes it from circulation permanently.
Does Burning NFT Cost Money?
Yes, burning an NFT does cost money. You can expect to pay a transaction fee, also known as a “gas fee,” when you burn your non-fungible token. The cost of the fee can vary depending on the current supply and demand on the blockchain.
Typically, the cost of burning an NFT ranges between $0.00025 and $100. Just remember that burning your token is a transaction, so you’re paying a fee for processing it.
How to Burn an NFT
Burning an NFT is straightforward and doesn’t require any technical knowledge. If you’ve read our article on how to transfer an NFT, you already know how burning works.
Follow the steps below to easily burn your NFT on the most popular Ethereum, Solana, and Polygon blockchains.
How To Burn NFT on Ethereum
If you want to burn your NFT on Ethereum, here’s a step-by-step guide to help you:
- Open the wallet or marketplace where your NFT is stored.
- Select the NFT you want to burn and click the “Transfer” button.
- Send your NFT to Ethereum’s official burn address, which is 0x000000000000000000000000000000000000dEaD.
- Pay the required gas fees to transfer your NFT and click “Confirm.”
That’s it! Your NFT will be permanently destroyed and removed from circulation. Keep in mind that the gas fees you need to pay to burn your NFT can change based on the supply and demand on the Ethereum blockchain.
How To Burn a Polygon NFT
Burning an NFT on Polygon is the same as that of Ethereum. The only difference is the burn address, which ends with ‘0000’ instead of ‘dEaD.’
Here’s a step-by-step guide to burning a Polygon NFT:
- Go to the item page for the NFT you want to burn.
- Click on the transfer button.
- Enter the Polygon burn address: 0x0000000000000000000000000000000000000000.
- Click “Transfer” and confirm the transaction using your wallet.
- Pay the gas fees associated with the transfer, and you’re done!
How to Burn An NFT on Solana
Burning an NFT on Solana is quite different from other NFT blockchains. This difference comes from several wallets and marketplaces having built-in burning features.
However, this feature cannot burn NFTs verified by marketplaces like Magic Eden. But if you really want to get rid of the Solana NFT, here’s a step-by-step guide:
- Go to your Solana wallet and find the NFT you want to burn.
- Enter the ‘remove.sol‘ wallet address in the recipient field.
- Confirm the transaction and pay the associated gas fees
The ‘remove.sol’ address is a dumping ground for NFTs you no longer need. It can be used to burn NFTs that cannot be destroyed using some platforms’ built-in burning features. Remember that once you send your NFT to the ‘remove.sol’ address, it cannot be retrieved, and the burning process is permanent.
Do You Get Money Back for Burning an NFT?
The answer depends on the platform being used. For Ethereum and Polygon NFTs, you do not get money back for burning an NFT. However, platforms like the Phantom wallet offer a unique mechanism that rewards you with SOL for burning certain NFTs.
So, while burning an NFT typically does not result in monetary compensation, it’s important to check the specifics of the platform used to determine whether a reward is offered.
Here’s a video explaining how to earn some SOL for burning Solana NFTs.
Why Would You Burn an NFT?
Burning an NFT can serve several purposes. One reason is to manage the value of an asset. Remember that NFTs are valuable if there’s more demand than supply. By reducing the supply, the price of the remaining tokens can increase, making them more valuable to traders and investors.
Burning can also be used to remove flawed or redundant tokens from circulation. This is especially helpful when you produce too many tokens, making each one less valuable and rare.
Burning NFTs can also help build trust and dependability, especially early in an NFT’s journey. Some creators burn unsold tokens after launch to demonstrate accountability and protect the interests of NFT buyers. This can make the NFT and its creator look credible to possible buyers.
Other times, individual collections incentivize holders to burn their NFTs. Gary Vaynerchuk, for example, just released Burn Island, a burn-to-redeem program that rewards VeeFriends holders for burning their NFTs.
Can Someone Else Burn My NFT?
No, no one can burn your NFT without your permission. They must have access to your wallet keys before they can burn your NFT. But some smart contracts might have a “burn mechanism” that allows your NFT to be destroyed. This means that a smart contract can be designed to allow the burning of your NFT or even authorize others to burn it.
Can You Bring Back a Burned NFT?
Once an NFT has been burned, you can’t recover. As we’ve already discussed, burning is a permanent process that involves sending the NFT to an unspendable address.
There’s no way to bring back the NFT once you burn it. Therefore, it’s crucial to be certain before proceeding with the burning process.
However, you can always create a new NFT with similar properties and attributes. You can use an NFT creator tool or generator to recreate the burned NFT. But it won’t be the same as the original one-read our article on getting started with NFTs to understand why.
What Happens to Burnt NFT Tokens?
As we mentioned at the beginning, when you burn an NFT, it’s not actually destroyed but becomes unusable. This is because you send the NFT a null address, also known as an eater address, which makes the token impossible to retrieve. No one has the private keys to a null address, so your token is gone forever once you send it there.
Conclusion
So there you have it, folks! At first, the idea of burning an NFT might seem strange. But it’s a useful way to manage the value of your tokens and your community.
Burning an NFT can be a smart option for either the creator who wants to ensure accountability or the NFT buyer who wants to profit from rising values. And with our comprehensive guide, you now have all the information you need to do it effectively.
So go forth, burn those tokens, and let us know how it goes!
