Why would you want to burn your NFT as a collector?
- The project was a scam; the NFT is now worthless, and you are sick of seeing it in your wallet.
- You received a random air drop that you were not expecting and you think it is possibly malicious.
There was a recent scam on Opensea.io, where hackers got into peoples wallets and stole their NFTs. They did this by air dropping a free NFT into their wallet. The NFT could have sat harmless in the wallet… Some people clicked on the NFT, which brought up a pop window asking them to sign contracts on the blockchain. Those who did not hesitate signed the contract, which gave the hackers access to their wallets. Opensea soon rectified the vulnerability in the system, but not before thousands of dollars worth of NFTs were stolen. There have been and will be many more social engineering scams in the future.
Burning an NFT on the Ethereum Blockchain:
Some marketplaces have the functionality of clicking on the NFTs options and choosing ‘Burn’. Alternatively, you can delete any NFT by sending it to the Ethereum burn address. The address: 0x000000000000000000000000000000000000dEaD is essentially a black hole for lots of NFTs and currencies. The transfer will cost a bit in gas fees unfortunately. The NFT cannot be removed from the blockchain history, but it will be rendered useless after being sent to this address.
Burning an NFT on the Solana Blockchain:
Very similar to what was described above, but Solana has it’s own burn address. It’s understandably called: 1nc1nerator11111111111111111111111111111111
Positively, burning unwanted NFTs on Solana will cost you cents.
Please always be careful when interacting with NFTs. Always double check the contracts/ transactions that you are signing. Never do anything in a hurry.