NFT Graveyard: This Is Where Tokens Are Sent to "Die"
Date: 2023-07-13 Author: Karina Ziganova Categories: IN WORLD
There is a "graveyard" for non-fungible tokens (NFTs) in the digital asset market. Technically, it is an address for "burning". Transferring to it makes tokens no longer available. We tell you where and why NFTs are sent to "die"
We are talking about the address of the 0x000000000000000000000000000000000000dEaD. You can view its activity using the Etherscan block explorer. On the platform, the address is marked as a wallet that projects use to burn tokens. As of the time of writing, there are over 200 NFTs "buried" in it, the total value of which exceeds $27 million.
At this point, the question arises - who and why sends often expensive tokens "for slaughter". Unfortunately, there is no single answer. The reasons that cause users to send NFTs for "burning" can be different. For example, token #685 of one of the most expensive NFT collections on the market, CryptoPunks, was destroyed by accident: in the course of attempts to "wrap" it. The owner of "cryptopunk" wrote about this in his microblog. At the time of the "burning", the token was worth about $129 thousand.
A slightly different situation occurred with the #1626 token from another popular collection, the Bored Ape Yacht Club. It was "burned" to create a BTC copy through the Ordinals protocol. In this way, the owner implemented the "move" of the token from the Ethereum blockchain to bitcoin. As of the time of the "burning", the NFT was worth about $169 thousand.
Also, many other tokens of popular collections found their last refuge in the NFT "cemetery":
A pair of 0N1 Force tokens:
A few sappy seals:
And even a couple of Milady, the NFT of the project, which Elon Musk pumped in May 2023:
