Solana Burn NFT

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Solana’s wallet turns on the barbeque to extinguish spam NFTs

Solana Burn NFT
Solana Burn NFT / Image Credit: CRYPKYP
1660814121 18 Aug / 09:15

Users of the Phantom wallet software can now delete spam NFTs delivered by con artists thanks to a new Burn Token feature.

Phantom, a wallet company, headquartered in Solana, has introduced a new burn feature that enables users to delete spam nonfungible tokens (NFTs) supplied by con artists.

The new function, which users can access through the Burn Token button in the Phantom wallet app, allows them to earn a tiny deposit of Solana (SOL) each time they utilize it, according to a blog post from the Phantom team published on Thursday:

“The Web3 industry is still in its early stages. The amount of criminals looking for ways to steal users’ money has increased along with the cryptocurrency ecosystem. Because of the NFTs’ explosive surge in popularity, scammers are using Spam NFTs more frequently.

Due to Solana’s cheap transaction fees, Phantom stated that the problem has been particularly pervasive there, with bad actors frequently airdropping large numbers of purportedly free NFTs that include harmful links.

Spam NFT typically asks the recipient to click a link to generate a free NFT. However, if they finish the procedure, their wallet empties its contents. Alternatively, the link will request the recipient’s seed phrase, which will have the same effect.

“These frauds are getting more and more complex. Scammers, for instance, may alter an NFT’s information to avoid being blacklisted once a contract address and domain are found malicious. It sometimes seems like a never-ending game of Whack-a-Mole,” the blog article said.

The action is a part of a larger Phantom initiative to combat spam NFTs and undesirable actors in the market. By alerting users to “any fraudulent transactions that could endanger their assets or permissions” after clicking on dodgy links, the team claimed to be fighting scammers as well.

The statement also mentioned that Phantom and Blowfish work together to enhance “how we warn users of phishing attacks.”

“While today marks the introduction of NFT Burning, we’re not done yet. Future users can anticipate more significant automated spam detection. We will be able to determine whether an NFT is likely to be spam using services like SimpleHash and our internal reporting,” the post stated.

With more than 2 million monthly active users, Phantom is one of the most well-liked wallet providers for Solana-based NFTs and decentralized fiance (DeFi), according to the company.

Beginning in August, a rival wallet company called Slope experienced a security flaw that caused an estimated $8 million worth of assets to be lost on the Solana blockchain.

Austin Fedora, the head of communications at Solana, conducted a post-mortem investigation and discovered that 60% of the victims were Phantom users despite the attack being a Slope problem.

According to data from CryptoSlam, Solana hosted the second-largest NFT sales volume in July with $56.1 million, trailing only Ethereum, which recorded a staggering $535.6 million.

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