Burning

Short Description:

Burning is the permanent, irreversible removal of a token from circulation, and is a core feature of many non-fungible tokens (NFTs)

Main Description:

Burning an asset is the permanent, irreversible removal of a token from circulation, and is a core feature of many non-fungible tokens (NFTs). There are several ways to burn an asset. On some chains like the XRPL burning is a built-in feature of tokens. Other chains burn tokens by sending them to an account that is well-known but no one has access to (often referred to as “blackholing” a token).Burning NFTs can serve various purposes, such as consuming a one-time use token or reducing the supply.