Phantom, a Solana-based wallet, has launched a new burn feature for non-fungible tokens (NFTs). The feature will get rid of the NFTs sent by scammers. The feature can be accessed through the Burn Token tab on the Phantom wallet application.
Phantom launches burn feature for scam NFTs
The Phantom team published a blog post on Thursday saying that the new feature would be accessed via the Phantom wallet app, and users would be given a small deposit of SOL tokens whenever they use the app.
Phantom said that the growing popularity of NFTs had made them a target for scammers. The wallet provider also said that these scams were prevalent among Solana NFTs because of the low fees offered by the Solana blockchain. The low costs of minting NFTs on Solana led to scammers sending these tokens containing malicious links.
Spam NFTs are usually used in phishing campaigns to prompt the receiver to follow a link by promising them a free NFT mint. However, users who complete the process end up with funds drained from their wallets. The link also requests the receiver to provide their seed phrase, creating a similar loss of funds.
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Phantom’s commitment to eradicating phishing campaigns
The initiative is part of Phantom’s efforts to remove spam NFTs and bad actors from the sector. The team said it has a phishing warning system that keeps scammers at bay. According to the post, Phantom was working with Blowfish to boost how it alerted users of phishing scams.
The post said that while the NFT feature was being launched, there was more on the way, including automated spam detection. The initiative taken by Phantom is strategic because the wallet is one of the most popular ones in the Solana network. The wallet has over 2 million monthly active users.
Slope, a competing crypto wallet provider on the Solana network, suffered a hack that led to $8 million worth of cryptic being drained from the wallet via the Solana network. A post-attack analysis on the exploit later revealed that 60% of those affected by the hack were Phantom users despite the issue originating from the Slope wallet.
In July, Solana recorded the second-largest amount of NFT sale volumes of $56.1 million behind Ethereum, which posted $535.6 million, as shown by data from CryptoSlam. This places Solana as one of the preferred networks by NFT developers.