- NFTs cannot be permanently deleted
- NFTs can be burnt by sending them to an inaccessible address
- Burning NFTs is done differently depending on the blockchain
- Burning an NFT costs the same fees as sending an NFT
- You can burn an Ethereum NFT through Opensea
What does it mean to burn an NFT?
To burn an NFT is the action of sending it to an address that is not accessible and cannot be used. NFTs cannot technically be deleted once they are minted on the blockchain so the closest thing we can do to delete and NTF is to “burn” it which is the action of sending it to an inaccessible wallet. Once an NFT is uploaded to the blockchain it is immutable and will live on the blockchain forever.
How to burn an NFT?
There are multiple ways to burn an NFT depending on which blockchain your NFT is hosted on. In this article we will be covering how to burn an NFT on Ethereum and Solana. If you want to read more about the differences and the different NFT ecosystem in Solana and Ethereum check out these articles (LINK)
To burn an NFT on the Ethereum blockchain we will be using their main and biggest NFT marketplace Opensea. Opensea has their own burn address which we touched on before which users can send their NFTs to burn. The Opensea burn address already holds over 250,000 burnt NFTs.
To burn an NFT on Opensea do the following
- Open and connect your Metamask to Opensea
- Navigate to the NFTs page you want to burn
- Click the “Transfer button
- Enter the Opensea burn address (0x000000000000000000000000000000000000dEaD)
- Click “Transfer”
Burning and NFT on Ethereum costs the same as making a transfer on Ethereum as that is essentially what you were doing. This can range anywhere from $5-$50 depending on the network’s traffic at the time.
Solanas main marketplace Magic Eden does not have a burn address similarity to how Opensea has.
You can find different burn addresses online or you can simply create one yourself. Creating a burn address on Solana is super easy. To do so create a new wallet in Phantom or your chosen Solana wallet and send the NFTs you wish to burn to that address. You can now remove that wallet from your wallet so you no longer need to see it and you can forget about the burnt NFTs.
Does it cost to burn an NFT?
Yes, burning an NFT costs the same as what a transfer costs on the blockchain you are using. This can differ vastly especially between Solana and Ethereum.
Ethereum works as a proof of work consensus mechanism which means there are miners using high power usage equipment to mine the transactions on Ethereum and push them through. Due to this the transaction or gas fees can get high as people compete to get their transaction pushed through.
Ethereum is currently in the process of switching from proof of work to proof of stake to try and fix the scalability problems that they are facing with the high traffic, especially during the 2020-2021 bull run.
Ethereum transaction fees or gas fees range from $8 right up to the hundreds of dollars when the network is busy such as during a hyped NFT mint.
Solana on the other hand works as a proof of stake consensus mechanism where users can stake their Solana to process blocks and push transactions through. Due to this the transaction cost is a lot lower than Ethereum and can also be a lot faster.
Transactions on Solana cost about $0.00025 per translation. This is what it will cost you to burn an NFT.
Why burn an NFT?
Let’s be real, we’ve all bought NFTs that are now worth pennies and are no longer sellable. Now they’re cluttering your wallet and making it look messy and it’s time to cut the loss and get rid of them.
Burning an NFT is a great way to clean out your NFT wallet and maybe help you forget about a terrible investment, we’ve all been there.
What is an NFT?
Unless you have been living under a rock then you have heard of NFTs. Over the past year they have gone absolutely crazy with every man and their dog sharing them on social media, some of the biggest internet icons that have recently gotten into NFTs are, Logan Paul, Mike Majlak, Steve Will Do It and Faze Banks.
NFTs have blown up in the past year and everyone is starting to board the train. With record breaking sales and people seeing the kinds of money they can make but also the kinds of community they can join, the craze is just getting wilder and wilder.
NFT stands for non-fungible token. They are built using similar technology to what builds cryptocurrencies, they are hosted on the blockchain just like a cryptocurrency and that is why you will often hear people saying that it is one of the only ways you can truly own something. Each NFT has its own digital signature which can not be replicated or forged making every NFT different and unique.
NFTs are minted (created) on the blockchain, typically Ethereum; however the popular blockchain Solana is starting to make a name for itself in the NFT space. With Solanas sales volume slowly creeping up towards Ethereum it is worth looking into Solana when investing in NFTs.
To wrap things up you should now know how to burn your unwanted NFTs on both Ethereum and Solana and what it will cost you. Burning NFTs on Ethereum has been made nice and easy by Opensea with the built in burn address while Solanas marketplace Magic Eden does not offer this yet. If you’re interested in launching your own NFT collection check out this cost break down here.