Can I Delete Or Burn NFTs If I Already Launched A Project And Collection?
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Can I Delete Or Burn NFTs If I Already Launched A Project And Collection?

Tags
NFT
Common Questions
Date
Feb 11, 2023
 
If you already launched a project and created a collection of non-fungible tokens (NFTs), you may be wondering if it’s possible to delete them or burn them. The good news is that this is absolutely possible, provided you have a smart contract-based project and collection. Smart contracts help to ensure that NFTs can be securely created, transferred and deleted, or “burned”. In this article, we’ll discuss the basics of burning NFTs and explore some case studies about companies that have done it. Additionally, we’ll explore some popular tools that can be used to perform NFT burns, as well as provide an overview of some of the new smart contracts that can help you burn NFTs, such as Etcheve.

What Is The Process behind Burning NFTs?

When you “burn” an NFT, you are essentially destroying it, creating a permanent and irreversible record of its destruction. This is done by sending an NFT to a wallet (sometimes known as an "abyss address") that has no owner, meaning that the NFT can never be accessed again. You can also burn an NFT by setting its ownership to "N/A".

Case Studies Of Companies Burning NFTs

Many companies have embraced the idea of burning NFTs as a way of managing the inventory and rewarding their fans. For instance, OpenSea, the world's largest online marketplace for NFTs, recently let users create and burn digital assets. This helped OpenSea to manage its inventory without leading to any increase in supply. Additionally, AirDropsDAC, a platform for NFT-based promotions, has also embraced burning NFTs, allowing users to reward their fans with "burned tokens" as part of their promotional campaigns.

Tools For Burning NFTs

Several tools are available to help users burn NFTs. Etcheve, a blockchain-based smart contract platform, is one of the leading tools out there, enabling users to easily deploy and manage their cryptocurrency-based NFTs. Additionally, there are also some open-source tools that can be used for burn NFTs, such as CryptoKitties and ERC-721.

Conclusion

If you have launched a project and created a collection of NFTs, it's absolutely possible to delete or "burn" them, provided you have a smart contract-based project and collection. To do this, you must either send the NFT to an abyss wallet or set its ownership to "N/A". There are several tools out there that can assist you with burning NFTs, such as Etcheve, CryptoKitties and ERC7-21. Additionally, there are several case studies showing companies that have used NFT burns to manage their inventory and reward their fans.