Let's look at John 3:16

For God so loved the world that he gave his one and only Son, that whoever believes in him shall not perish but have eternal life.

This is one of the most popular Bible verses I'd say, but it almost cancels out the idea of an eternal conscious torture idea of hell and instead suggests annihilation, doesn't it?

Because a lot of people think that nonbelievers and not true followers of Christ will have still have eternal life, but it'll be a life of never ending extreme pain in a lake of fire.
But if the only way to have eternal life is through Jesus, maybe the nonbelievers n such will just be thrown into the lake of fire and then be destroyed forever. And that's the eternal punishment, since they'll never exist again.