What is burning?
If you don't want an NFT anymore or don't want to transfer it, sell it or gift it to another address you may need to burn it.
A blockchain comes with a few implications;
- Data is immutable (can't be changed)
- The fastest transactions win
- Nothing is deleted from the blockchain– it can be transferred to a place that is not controlled by anyone
To 'delete' a token on Ethereum or remove anything from circulation, you must follow a specific process.
This is often referred to as burning. You will transfer the token to what is known as the Genesis Address. (Black Hole)