Burn NFT refers to the process of permanently removing a non-fungible token from circulation. This is typically done by sending the NFT to a wallet address that is inaccessible, effectively taking it out of the hands of users.The purpose of burning NFTs can vary. One common reason is to create scarcity, making the remaining NFTs more valuable. Artists and creators might burn their own tokens to signal a shift in their collection or to maintain control over the supply.Burning can also serve as a form of fundraising or utility. Some platforms offer rewards or benefits to users who burn their NFTs, sometimes involving the creation of new tokens or access to special features.Overall, the act of burning adds an interesting dynamic to the ownership and value of NFTs, influencing how collectors and investors think about supply and demand.