Ellen Britt for CNT #NFT
To burn an NFT is to permanently delete it.
When an NFT is burned, the NFT is sent to a blockchain address that is not spendable. Think of an unspendable address like a black hole on the blockchain where nothing ever comes back out.
The First Law of NFT Thermodynamics
So in reality, you can’t ever really and truly delete an NFT, because once it has been minted and published to the blockchain it’s permanent. To burn it simply means that it has now been assigned an unspendable address. The NFT is not destroyed, it’s simply rendered unusable.
Burn Baby Burn!!
Why would you ever want to burn an NFT?
Well, there are various reasons, including making an error, such as minting too many by mistake. Or NFTs can be burned to reduce supply and increase the value of the remaining NFTs.
Although it sounds complicated, most platforms make it easy to burn an NFT should you so choose. But be aware that if you do decide to burn an NFT, the process is irreversible. On most platforms, burning is considered a transaction, and there will likely be a gas fee associated with the transaction. The burn transaction itself is recorded on the blockchain and can be publically verified.
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