A Non-fungible token (NFT) cannot be “erased” but can be “burned”. When NFT is printed or uploaded to the blockchain, it is considered immutable; which means it will exist on the blockchain forever. So is it possible to remove NFTs from circulation?
An NFT is where all users can see the owner. peer-to-peer system with a database created with on the blockchain is stored. Thanks to this feature, it ensures the accuracy of ownership on addresses. The architecture of the blockchain has been created so that all transactions can be seen and verified by all users on the blockchain. This makes it impossible for people to change the data (or blocks) on the blockchain.
Due to the nature of blockchain, an NFT can be defined as “to delete” It is not possible; but an NFT “burn“, It is possible by sending it to an address that no one has. While NFT will continue to exist on the blockchain, there will be no way to access it and therefore “burnt out” or removed from circulation will be considered as
How Do I Burn an NFT?
Non-fungible tokens (NFT), after being printed on the blockchain cannot be deleted; but an NFT, to an address that cannot be reached by anyone ability to be found in the marketplace if posted can be eliminated.
To burn an NFT The only action the user has to do one NFT send to black hole wallet address (eg 0x000…). NFT will still exist on the blockchain but will never be accessible.
0x00000000000000000000000000000000000000000000where people send cryptocurrencies alongside NFTs most is the commonly used black hole address. This will essentially “eliminate” the digital asset, although it will incur some transaction fees.
While the average user will most likely not choose to participate in this NFT burning, large crypto-based companies can. Crypto companies offered to the open market as a way to adjust the supply It can choose to burn NFTs or cryptocurrencies. Reduced supply to an NFT “line” or a cryptocurrency due to increased scarcity will cause a price increase in demand.
This system is especially used by creators with large communities. For example, the world-renowned digital designer Refik Anadol‘s “Synthetic Dreams” collection includes NFT burning announcing that they will soon It was one of the projects.
Accounts with at least 3 NFTs from this collection will “burn” these NFTs, that is, transfer them to an inaccessible address via the blockchain. In return, a new floating NFT, metamask to your accounts”airdrop” will be sent as
The statement made on the official website of Anadol “coin burn” system of talking about the details:
You will need to burn any 3 NFTs from the same collection to get a 15 second moving piece. You can burn sets of 3 for longer moving parts. For example; 3 NFTs of the collection = 15 Seconds moving NFTs, 6 NFTs = 30 Seconds, 9 NFTs = 45 Seconds.