Burn

Every cryptocurrency blockchain is constructed with different parameters. One variable which varies drastically across blockchains is the total coin / token supply. The larger the total supply of a coin or token or NFT, the less rare it is. Additionally, the creation of new coins is considered inflationary, while the destruction of coins is seen as deflationary. Many crypto and NFT projects actively destroy tokens to lower the supply and increase rarity. This act of coin or token destruction is called “burning”. To burn an NFT or coin is to delete it permanently, and this is most commonly achieved by sending the coin/token / NFT to an unspendable wallet address that can only receive items.