“Token Burning” refers to the process of permanently removing tokens from circulation. When MNFT tokens are "burned", they are transferred to an address without a secret key or in other words an account that cannot be accessed.
The process of burning MNFT tokens is carried out in the following 3 ways:
01
Market Buy and Burn
A certain percentage of the sales revenue from the MongolNFT marketplace, The Wolves, and projects to be implemented in the future will be used to buy and burn MNFT tokens from the market.
02
MNFT Token Transactions
Up to 80% of the income from trading commissions carried out with MNFT token on MongolNFT marketplace will be burned in certain stages over a period of 5 years. These will be from MongolNFT, NFT drops, secondary market trading, 3rd party platform transfer, withdrawal fee, gaming, streaming and other projects we will implement in the future.
03
Progressive Reserve Burn
A new progressive burn protocol is being introduced where the amount of MNFT tokens burned from the 'reserve' will progressively increase from the previous month's amount burned.