Summary:
A user known as nd4.eth has been burning crypto and NFTs, with Arkham documenting their actions. In the past two hours, nd4.eth burned $3.59M worth of tokens, following previous burns of $1.8M of GNS and >$1M of GMX. Initially, only tokens were burned, but later NFTs were also targeted.
Key Points:
– Burning crypto and NFTs involves sending them to an address with nonexistent private keys.
– Tokens can be burned, as well as NFTs, which are non-fungible tokens.
– Sending tokens to an address with no private key renders them unusable and removes them from circulation forever.
– Any token can be burned by sending it to an address without a private key, and this process is irreversible.
– nd4.eth has intentionally burned a significant amount of tokens and NFTs, totaling over $8 million in market value.
The Hot Take:
The motive behind nd4.eth’s burning spree remains unknown, but it is unlikely to be a planned reduction of supply. The ongoing nature of the burns and media coverage suggest intentionality. The reasons for this sensational gesture may eventually be revealed by nd4.eth themselves.
By
By
By
By
By