So you want to know how to burn NFT on OpenSea?
Perhaps you have some NFTs in your wallet that you would love to get rid of but you don’t really know how “burning NFTs” works?
Well, the good news is that burning NFTs is actually a very simple process as long as you know which NFT burn address to use.
In this article, you’ll learn step-by-step how to burn NFT on OpenSea as well as how much it costs to burn an NFT.
Let’s get started!
Key Points (tl;dr)
- While there’s no way to permanently delete an NFT from the blockchain, NFTs can be burned. Burning an NFT effectively removes it from the circulating supply.
- Burning an NFT is a simple as transfering it to an NFT burn address. OpenSea uses the official Ethereum burn address to do so. The address already holds almost 250,000 burnt NFTs.
- In order to burn an NFT on OpenSea, simply hit the “Transfer” button on the item’s page and enter the burn address. Finalize the transfer and confirmation the transaction via your wallet.
- Burning an NFT costs the same amount and a regular transfer, so roughly $1 to $20 per NFT depending on current gas prices.
- Many NFT projects use burning mechanisms to manage the value of the overall collection. By incentivizing the burning of NFTs founding teams can artificially reduce the circulating supply.
For a step-by-step guide on how to burn an NFT on OpenSea, PLEASE SCROLL FURTHER DOWN THE ARTICLE.
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Solved: How to Burn NFT on OpenSea in 4 Easy Steps
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Here’s the answer. Great article by @ChrisHeidorn right here: https://tokenizedhq.com/how-to-burn-nft-on-opensea/
Can NFTs Be Burned?
Yes, NFTs can be burned by transferring them into a so-called burn address on the relevant blockchain.
Of course, NFTs can be burned.
Maybe not literally but figuratively speaking you can absolutely burn an NFT.
When people talk about burning NFTs then they usually mean the process of “deleting” an NFT from your address or removing it from circulation.
You see, when someone burns an NFT, they’re not actually deleting it altogether.
Since the blockchain is immutable, it’s actually impossible to remove an NFT completely.
So when someone burns an NFT it usually just means that it’s been transferred to an NFT burn address.
What Is an NFT Burn Address?
An NFT burn address is a cryptocurrency address that no one owns and no one can gain control over. It acts as an eternal trash can. Although any sort of address could serve as a burn address, the OpenSea burn address is actually the official NFT burn address of the Ethereum blockchain. The address is: 0x000000000000000000000000000000000000dEaD
NFT burn addresses are where people transfer their NFTs when they want to burn or destroy them.
They are cryptocurrency addresses that nobody owns or controls.
So while the NFTs technically still exist on the blockchain, they are effectively lost forever inside the burn address.
The NFT burn address acts like an all-consuming black hole and the NFTs are removed from circulation.
It’s a little bit as if someone lost the private key to their crypto wallet and had no way of recovering them.
However, Ethereum does have an official NFT burn address:
0x000000000000000000000000000000000000dEaD
The Official OpenSea Burn Address
It’s a long series of zeros that end with the letters “dead”.
If you’re working with Polygon, then it’s the address is slightly different, so make sure you use the correct Polygon burn address.
How to Burn NFT on OpenSea
So you’ve decided you want to burn one or more NFTs?
And now you’re trying to figure out how to burn an NFT on OpenSea.
You’ll be surprised when you see how incredibly easy it is.
If you’ve read our article on how to use the OpenSea transfer NFT feature, then this will all feel very familiar to you.
The only difference is that you need to send the NFT to a specific address.
Here’s how to burn an NFT on OpenSea in 4 simple steps:
- Step 1: Go to the NFT’s items page
- Step 2: Click the “Transfer” button in the top right corner (the paper plane)
- Step 3: Enter the OpenSea burn address (0x000000000000000000000000000000000000dEaD)
- Step 4: Click the “Transfer” button and confirm the transaction with your wallet
And that’s it.
How Much Does It Cost to Burn an NFT?
The cost of burning an NFT is the same as the cost of transferring an NFT. Depending on prevailing gas prices, the cost to burn an NFT will range from $1 to $20 per token.
If you’re trying to delete an NFT that you created on OpenSea yourself and it has not been minted yet, you can do so with a simple click of a button.
Since the NFT hasn’t been minted yet, this is 100% free of charge.
Check out our guide on how to delete an NFT on OpenSea for further details.
However, once it has been minted, the only way to get rid of an NFT is by burning it.
Since burning an NFT is effectively the same thing as transferring it to another address, the cost of burning an NFT is also the same.
Depending on the current price of gas, burning an NFT can easily cost you anywhere between $1 and $20.
What Is the Purpose of Burning an NFT?
Superficially, the act of burning an NFT looks like it is meant to simply destroy or delete an NFT. However, in many NFT projects, burning NFTs is an integral part of the project itself and is used by founders to manage the value of the NFT collection.
There are a few reasons why one would want to burn NFTs.
The most common reason to burn an NFT is that someone simply wants to get rid of an NFT.
They might want to clean up their crypto address or they’ve been experimenting and now need a clean slate.
Then again, if you just want to get it out of your sight, then learning how to hide NFT on OpenSea might be a better alternative.
However, there’s also another reason why someone might want to know how to burn NFT on OpenSea and it has nothing to do with bringing out the trash.
You see, most NFT collections derive their value from scarcity.
The rarer a token is, the more its value is likely to rise.
Once a collection has been minted, it is exposed to the powers of supply and demand.
A collection’s supply is usually fixed and the price will rise and fall with varying demand.
However, there is a way to artificially reduce the circulation supply.
By sending NFTs to the OpenSea burn address, you are effectively making all remaining NFTs scarcer.
There are quite a few NFT collections that make use of this mechanism in order to manage the value of the project.
Book Games by GaryVee is a very good example of this because it originally had a very high circulating supply.
However, holders of Book Games tokens were able to burn their NFTs in return for other things of value.
People were being incentivized to burn their tokens, thereby slowly making book games token scarcer and increasing their value.
It’s actually quite fascinating how burning NFTs allows you to effectively influence the value of the entire collection.
Conclusion
So you see, burning an NFT can actually mean a lot more than just deleting it.
In many cases burning NFTs is being incentivized by project founders in order to unlock additional value and create scarcity at the same time.
Just be aware that even though it’s easy to learn how to burn NFT on OpenSea, it still comes at a cost.
Here at Tokenized, we want to help you learn as much as possible about the coming NFT revolution. We help you navigate this fascinating new world of non-fungible tokens and show you how you can integrate tokenization into your own business.
