Burning is the process of removing tokens from circulation. Both cryptocurrencies (fungible tokens) and NFTs (non-fungible tokens) can be burned to reduce their supply.
To burn tokens, you need to send them to a special unusable wallet designed to only receive tokens. Unlike a regular wallet, it does not have a private key, so any tokens sent there remain permanently and cannot be transferred anywhere else. Since the tokens are no longer usable, they are considered completely gone from the system.
Burning is used to decrease the available supply of a token and preserve its value.
If you ever decide to burn tokens in the future, keep this in mind. Once you burn a token, it will be gone forever. So be extra careful when you do it!
