The creators of the NFT can “burn” (destroy) part of them in order to limit the supply, thereby increasing the value of the asset. All NFT burning operations are recorded on the blockchain, so anyone can verify that they have indeed been permanently withdrawn from circulation.

For example, if only 5,000 NFTs were sold in a collection that was supposed to consist of 10,000, the team may decide to “burn” the remaining 5,000. There are projects that allow their owners to “burn” two NFTs in order to get a rarer one instead.

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