Claiming and Burning NFTs for Coins
You can claim coins or receive more coins by burning your NFTs from the collection. Follow this step-by-step guide to navigate the process effectively.
Last updated
You can claim coins or receive more coins by burning your NFTs from the collection. Follow this step-by-step guide to navigate the process effectively.
Last updated
Navigate to the Trading Page of the Collection
Go to the Trading Page of the NFT collection you hold.
Locate the Claim/Burn section on the page. This is where you can manage your NFT and claim coins or burn NFTs for additional coins.
Click on "Claim"
In the Claim/Burn section, click the "Claim" button to begin the process of claiming your allocated coins.
You may be prompted to approve the transaction in your wallet.
Approve the Transaction
Your wallet will ask for confirmation to approve the claim. Review the transaction details and approve it.
Once approved, the system will process the claim.
Receive Coins
After the transaction is processed, your wallet will be allocated the specified number of coins.
Navigate to the Trading Page of the Collection
Visit the Trading Page of the NFT collection you wish to burn.
In the Claim/Burn section, locate the option for burning your NFTs.
Click on "Burn"
To begin the burning process, click the "Burn" button.
A prompt will appear asking you to approve access for burning your NFTs.
Approve the Access Request
Review the prompt and approve the request to allow the platform to access your NFTs. This action grants the platform permission to burn your NFT.
Confirm the Burn
After granting access, you will need to click the "Burn" button again to send your NFT to the burn address.
Once you confirm, your NFT will be permanently burned and removed from your wallet.
Receive More Coins
Upon successful burning, you will be rewarded with more coins.
The number of coins you receive will be based on the burn mechanism defined by the collection.
Important: After burning your NFTs, they cannot be recovered and also cannot be used to claim, so ensure you are certain before proceeding.
Notes:
Coin Allocation After Claiming or Burning: Coins kens will be allocated to your wallet immediately after the transaction is processed and confirmed.
Wallet Approval: Always approve transactions in your wallet to complete the claim or burn process.
Trading Coins from Claiming/ Burning: The coins claimed will be locked from trading until the coin has hit Uniswap. It will then be unlocked and becomes tradeable on Uniswap and ERC721ex.
