NFTs are one of the spiced topics in blockchain right now. And it’s not hard to see why. Non-fungible tokens, or “NFTs, “are like ordinary cryptocurrency tokens on the outside. But on the inside, NFTs can contain digital collectibles or represent specific parts of a game economy.
What is an NFT?
An NFT is a non-fungible token, which means it cannot be exchanged for another ticket of the same type. NFTs are unique and therefore have value. They are often regarded as digital assets, such as art, music, or other forms of media.
NFTs work on a blockchain, a distributed ledger that records transactions. When someone buys an NFT, they are buying a piece of digital real estate that can be sold or traded in the future.
There are a lot of distinct methods to burn an NFT. The most common practice is to send the NFT to a smart contract that will destroy it. It can be ready manually or through an automated process.
Another way to burn an NFT is to destroy the token physically. It can be done by deleting the file from your computer or shredding the physical token.
Finally, you can also let the NFT expire. Most NFTs have an expiration date after which they will be destroyed. You can also choose to destroy the NFT before the expiration date manually.
Burning an NFT is irreversible, so make sure you want to do it before taking it.
Types of NFTs
NFTs come in all shapes and sizes. Here are some of the best popular types:
- ERC-721: These are probably the most well-known type of NFT. ERC-721 tokens are non-fungible, meaning each is unique. They often represent digital collectibles like art, music, or virtual real estate.
- ERC-1155: These are similar to ERC-721 tokens, but they can be fungible (meaning they’re not all unique), and they can represent a broader range of assets, like in-game items, crypto kitties, and more.
- ERC-20: These are the most common type of Ethereum tokens, and they’re typically used for things like ICOs, stablecoins, and utility tokens. However, some ERC-20 tokens are non-fungible, like CryptoPunks.
- IPFS: InterPlanetary File System is a decentralized file storage system that can be used to store any data, including NFTs. IPFS is often used in conjunction with Ethereum to store NFT data.
- Web3: This is the web protocol of the future, and it’s being built on top of Ethereum, IPFS, and other decentralized technologies. Form a picture of a world where you don’t have to give third-parties access to your data to use their application.
How do they work?
NFTs work on a blockchain, which is a decentralized database that records all transactions. When you purchase an NFT, you essentially buy a piece of digital real estate. The asset is kept on the blockchain and can be sold or traded like any other asset.
There are so many different methods to burn an NFT. The most common practice is to send the NFT to the burn address. A particular address destroys the token and removes it from circulation. You can also destroy an NFT by sending it to an address that does not exist.
How to burn an NFT?
Are you an artist looking to make and sell your NFTs? Or maybe you’re a collector who wants to get rid of an NFT you no longer want. Nevertheless, you’ll need to know how to burn an NFT.
Burning an NFT is relatively simple. All you have to need is a computer with an internet connection and a wallet supporting ERC-721 tokens. We’ll walk you through the procedure step-by-step, so you can start immediately.
First, open your wallet and connect it to the Ethereum network. Then, find the contract address of the NFT you want to burn. It should be easy to find on the website or marketplace where you bought the NFT.
Next, send a transaction to the contract address with two pieces of data: the ID of the NFT you want to burn and the address of the burning wallet. The ID will differ for each NFT, so make sure you have the right one!
Once the proceedings are confirmed, your NFT will be destroyed and can never be used again. Congratulations, you’ve successfully burned an NFT!
Why do you want to burn it?
If you’re reading this, you very likely want to know how to burn an NFT. But why? What’s the point?
There are a few causes someone might want to burn an NFT. Maybe they created it and didn’t want it anymore. Perhaps they bought it and didn’t like it. Or maybe they think the whole concept of NFTs is stupid and want to make a statement by burning one.
Whatever the reason, if you’ve decided you want to burn an NFT, here’s how to do it.
Foremost, you’ll need to find a place to do it. The most popular place to burn NFTs is the Ethereum blockchain, where most NFTs are stored. To do this, you’ll need to use a program called MetaMask.
Once you have MetaMask set up, go to the “Contracts” tab and click on “Burner Contract.” It will draw you to a page where you can enter the address of the NFT you want to burn.
Enter the address and click “Burn.” It will destroy the NFT and remove it from the Ethereum blockchain.
And that’s it! You’ve successfully burned an NFT.
Conclusion
In this article, we’ve shown you how to burn an NFT. If you’re newly discovered in the world of NFTs, we recommend starting with our beginner’s guide to better understand what they are and how they work. Then, once you grasp the basics, follow our steps to burning your first NFT. You’ll be an expert with a bit of practice in no time!