Andras Crow-Hreidar 
NFTs are immutable once they are issued on the blockchain, but can they be destroyed? If you want to get rid of your NFT, there is just one option: burn it. So, how and why would you want to burn an NFT? After minting far too many NFTs, people discover how to burn NFTs and why you would want to burn your own. All you need to know is right here.
An NFT is destroyed when it is burned. The procedure entails sending a token to an unspendable address to which no one has access. You cannot retrieve an NFT once it has been burned. It is difficult to erase a digital asset after it has been published on the blockchain. The next best option is to burn it.
What is NFT Burning?
An NFT can be burned in a number of different ways. The goal is to minimize the quantity of tokens accessible at the moment. Although it may appear strange, burning tokens does not truly destroy them; rather, it renders them useless in the future. One of the most typical methods is to send the NFTs to an eater address, also known as a null address. Because the transaction is irrevocable, tokens supplied to a null address are deemed useless.
Tokens can be burned in order to limit supply and hence boost value. While the word burning conjures up images of fire and smoke, no tokens are burned. The tokens are simply rendered useless in the future. NFTs are also burned to correct mistakes or to encourage purchasers to keep their NFTs as they grow more valuable.
After the tokens are discovered, a Proof-of-Burn, or PoB, is established. The Proof-of-Burn (PoB) consensus method allows users to burn their tokens. This, however, not only consumes a lot of resources but may also be highly expensive. PoB manages this by limiting the amount of tokens that may be burned, hence reducing mining activity.
Burning an NFT is essentially the same as deleting it. Before removing your NFT, consider why it has to be taken from the blockchain. Keep in mind that you will never see it again. Although burning a digital asset may appear extreme, burning crypto tokens is a pretty common event in regular crypto activity.
This underlying strategy is used to influence a token’s market price. When you burn a token, you are permanently pulling it from circulation. When you withdraw your NFTs from circulation permanently, you diminish the overall supply. If done correctly, this can raise the scarcity of your current tokens.
Some NFT makers also enable individuals to combine NFTs in order to improve the project’s importance. The merged NFTs are often burned in the process to guarantee that the new and better one retains value.
How to Burn the NFT
Burning an NFT may appear hard at first, but it is actually as simple as transferring an NFT. To quickly and simply burn your NFT, follow the procedures below.
- Log in to the marketplace or wallet where you keep your NFT.
- Tap “Transfer” after selecting the NFT to burn.
- Send your NFT to the official Ethereum burn address: 0x000000000000000000000000000000000000dEaD
- Pay the applicable transfer fees and click “Confirm.”
Note that once an NFT is sent to this burn address, it cannot be recovered. It is no longer available. As a result, be certain that you want to burn your NFT.
What is the Cost of this Process?
Burning your NFT is a straightforward process, but does it come with a cost? You will be amazed at how much your NFT will cost you when you destroy it.
When you burn your NFT, you should expect to spend between $5 and $100. Because burning a token constitutes a transaction, you must pay a transaction (gas) cost. This fee changes and is determined by the current supply and demand on the blockchain.
Why would I Burn my NFTs?
The most common reason for burning an NFT is to manage value. A decrease in supply raises the price of an asset, attracting traders and investors to engage as soon as possible. Others may burn NFTs merely because the token contains a defect or fault, or because there were too many created.
Recall that NFTs are only useful if there is a supply and demand for them. People buy non-fungible tokens or anything else based on their perceived value and likeability. If there is a strong demand but a limited supply, the value may rise. For example, to make your NFT more restricted, you may hold a limited sale for 5 days, then burn the leftover tokens, thereby boosting overall scarcity.
Trust and faith in the project are critical components of NFT sales. In certain situations, the burning process may be completed after the token is fully issued to give new NFT owners trust, assuring that their investment will not be harmed by an overstock of tokens.
