🔥NFT Burn
NFT burn refers to the deliberate and irreversible destruction of a non-fungible token (NFT). This process involves sending the NFT to an address from which it cannot be recovered, effectively removing it from circulation.
NFT burns can serve various purposes:
Scarcity and Rarity: Burning NFTs can reduce the total supply, increasing scarcity and potentially increase its value
Community Engagement: Some projects use NFT burns as a mechanism to engage their community.
NFT burns can be integrated into a project's tokenomics model to manage supply among users.
The NFT creator can use the Burn instruction thereby closining PDAs or any posible address created and in turn return back the rent in sol (rent is the fee you pay to keep your program account on chain)
Read the documentation here https://developers.metaplex.com/token-metadata/burn
Or watch the tutorial from the master https://youtu.be/Nu1RABhTPtM?si=D5NBIl_jHDGSI8nJ
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