# Burning Mechanism

GBET Tokens provide utility to the GangstaBets by a unique burning mechanism. Burning refers to the process of destroying the GBET Tokens. The $GBETs can be burned to get the following utility:

* [Changing the name of owned GangstaBets](https://docs.gangstaverse.co/inside-gangstaverse/our-tokens/gbet-token/burning-mechanism/name-change)
* [Upgrading skills](https://docs.gangstaverse.co/inside-gangstaverse/our-tokens/gbet-token/burning-mechanism/upgrading-skills)
* [Creating stories for your GangstaBet NFTs](https://docs.gangstaverse.co/inside-gangstaverse/our-tokens/gbet-token/burning-mechanism/creating-stories)

By Feb 2022, 22.2 million $GBET had been minted and 14.5 million $GBET had been burnt creating a net $GBET supply of 7.7 million. Almost 65% of the $GBET Token has been burnt in activities like upgrading skills & changing names with 13.7 million $GBET burnt in skill upgrades and 808K $GBET burnt in name changes.