We will cover what burning your NFT means, why you would do it, what happens behind the scenes, a UI demonstration, and closing remarks.
What does it mean to 'burn' NFTs?
You may ask "why burn?" Well, deleting an NFT is not possible due to the nature of the blockchain; therefore ‘burning’ an NFT is the method used because it effectively destroys the token by sending it to an address that nobody possesses. Even though the NFT will still exist on the blockchain, there will be no way of accessing it and therefore it is considered ‘burned’ or removed from circulation.
Why would I 'burn' an NFT?
Typically, the burning of tokens is initiated by large, crypto companies that may choose to burn as a way to adjust the supply that is available to drive an increase in demand due to increased scarcity.
Smaller groups or individual artists may choose to burn NFTs to rectify errors or incentivise the buyers to hold onto their NFTs as they become more valuable.
Burning the NMKR way
This is an illustrated guide on how the burning process works in NMKR Studio.
Step 1) To begin, you need to locate the NFT that you wish to burn in the projects section of your Dashboard. Choose the NFT that you wish to burn and click on 'Manage NFT'.
Step 2) Click the large red "Create Burning Endpoint" button.
Step 3) Copy the address by clicking the corresponding button as highlighted, and click Ok.
Step 4) You will be returned to the Manage NFT Screen (Step 2) where you need to locate the 'Mint and Send to Address' feature as highlighted.
Step 5) Paste the address you copied in Step 3, select the number of NFTs you want to burn (1 is the default selection) and click the highlighted button.
This NFT will then be sent to the endpoint address where it will be no longer available to access, and hence, be 'burned' forever.
Please be aware, your NFT WILL NOT BURN if you do not have enough ADA in your internal wallet to initiate the action, as illustrated below.