Let’s say i’m a regular wallet owner and somebody sends me an unsolicited NFT. What would i do to “unown” that NFT and never see it again in Nami, pool.pm, etc.?
Send it to a “trash” wallet. You can just create a new wallet in any wallet app and record its receiving address. Then send everything you don’t want anymore to it.
You can decide to delete that wallet immediately and also forget its seed phrase. You can still continue to send everything to it.
But each native token transaction including NFTs has to have a minimal amount of ADA accompanying it. You can reduce that amount by from time to time sending everything in the trash wallet to itself. Then it is on a single UTxO and binds less ADA, the rest of the ADA can be transferred back to your main wallet. For that you will still need the seed phrase of the trash, but can do it by just importing/restoring it on adalite.io from time to time without keeping it in your day-to-day wallet app.
Thank you for the prompt response. I suspected that a “trash” wallet is the only solution.
Regarding “You can reduce that amount from time to time by sending everything in the trash wallet to itself. Then it is on a single UTxO and binds less ADA …”. For one thing, it probably depends on how a particular wallet composes output UTxOs. Besides, the minimum UTxO amount is proportional to the length of the token bundle so having all tokens in one UTxO may not reduce the ADA amount that much. Finally, there is a constraint on the size of a single UTxO as well as the size of a transaction. I suspect the ADA that ends up in that trash wallet will stay there forever.
Thanks again. This will work just fine for my NFT experiments on the test net. Not very practical for a regular user, though. There may be a room for improvement here.
You can also burn tokens but only if you are the policy owner or the policy itself allows it. If you are experimenting with minting simply leave the policy sufficiently open to correct/eliminate any mistakes or simply stay on testnet
Good point. Sure enough the policies were set to close after 24 hours Trash wallet it is.
I can think of three ways to get rid of it.
You could create a valid address for which neither you nor anyone else have a private key by using an existing address and simply replace characters here and there.
Or send it to a known scammer address and see what happens.
You could also bequeath your nft to someone who is interested but doesn’t want to buy one. I have no idea what it would look like in my wallet. Actually, I would be interested but you would have to wait since my pc needs a new battery which I have ordered.
Finding a valid address by just replacing random characters should not work. There are checksums in there.
How interesting, I had no idea. I think that’s a great feature. Thank you for sharing this information.
Some addresses from one of my wallets:
addr1qyl58pw58ph8c0c4mg4ufes8t346xp5z795zp2j4jcdxp32ehzzp5nrmfwgee2ywlyfjhevwuktvc6e420m5wl29w7eq79d5f4
addr1qylljphyhk4hdaayptvwmg8z2gljt9w3q7suhth0s44vc5zehzzp5nrmfwgee2ywlyfjhevwuktvc6e420m5wl29w7eqg4mssq
addr1qyx6qlmuh967vpa07722ylx7v0aekgntyxw8wdg7g972wx6ehzzp5nrmfwgee2ywlyfjhevwuktvc6e420m5wl29w7eqmayc3a
addr1qyehyc5rkfuj3vstkja0qpydwvp8460sh8ll6ty33722qu6ehzzp5nrmfwgee2ywlyfjhevwuktvc6e420m5wl29w7eqc40vkv
You can see that in the second half from ehzz
to w7eq
they are identical, but the last six characters are different again. These last six characters are the checksum of BECH32.
The identical part is the hash of the stake key that is encoded into all of them, so that the network knows that I want ADA at one of these addresses to be staked together with my whole wallet. That’s also how Cardanoscan knows that these addresses belong together, which makes them so very, very non-anonymous.
Technically, you could create an address, where the payment key part is some randomly created key, for which you immediately forget the private key, but the stake key hash is still the one from your wallet. If you use that as trash address, you would never see NFTs and tokens send to it again, but the ADA will still be staked with your other funds. You cannot transfer them, because you forgot the private key, but they are still staked.
Don’t know how confused the wallet apps would get about it, but it’s totally possible in the protocol. The protocol doesn’t know about wallets at all.
Thanks again for such a detailed explanation. I know there are people that transfer NFT’s between addresses that they control in an attempt to make it appear as if these assets have been traded for an ever increasing price. That will only work if you have x wallets and make as many fake transfers. This is very interesting indeed.
I’d guess that they are smart enough to use different wallets/accounts for these fake trades. The knowledge that you can see, which addresses belong to the same wallet/account, is not a secret.
I’m not so sure they are. It’s such an easy idea to comeup with, it doesn’t require much knowledge. It’s quite possible that tjese people have done this before with regular works of art.
There was a report from a blockchain analysis that had figured this out. It didn’t mention how so I had assumed that they had done an extensive search of the addresses used. And maybe thay had but it would be easier for Cardano assuming these people were not so smart after all, more greedy than smart. The idea didn’t work very well, the best was a $8000 profit or so.
This makes me wonder if these checksums are used on other blockchains as well like Solana or blockchains popular with nft buyers.
You can use the Trash Address of the @CardanoAdvisor to get rid of your unwanted tokens
How about sending it back to the sender-address?