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)
0x0000000000000000000000000000000000000000
Transferring a token to this address effectively deletes it from the blockchain by rendering it useless. The Genesis address is uncontrolled. Users send their unwanted items to this address, and new tokens are often 'minted' or 'birthed' from this address.
Last modified 1yr ago