The new Burn Token feature from the Phantom wallet app allows users to get rid of spam NFTs sent by scammers. The Phantom wallet app, which is based on Solana, has come out with a new Burn Token feature that enables users to delete spam nonfungible tokens (NFTs) that have been sent to them by scammers.
The new functionality is accessible via the Burn Token option in the Phantom wallet app, allowing users to receive a tiny Solana (SOL) deposit every time they use it, according to a blog post that the Phantom team posted. According to Phantom, Solana is especially prone to this issue because transaction fees are low. Consequently, bad actors often airdrop NFTs in bulk that contains malicious links. These NFTs are supposedly free.
Spam NFT usually directs the receiver to a web page where they can mint a free NFT. If they go through with it, though, their wallet will be emptied. Alternatively, the link may request that the receiver supply their seed phrase, resulting in the same outcome.
With each scam that’s thwarted, another one pops up in its place- oftentimes even more complicated than the last. For example, once a contract address and domain have been flagged as malicious, scammers can simply change the NFT’s metadata to avoid being caught. It’s a neverending game of whack-a-mole.
As part of a greater effort to discontinue spam NFTs and fraudsters, Phantom has decided to take this action. Additionally, they have a phishing warning system that will notify users of any dodgy transactions or links so that their assets and permissions can’t be comprised.
According to the company, Phantom is one of the most popular wallet providers for Solana-based NFTs and decentralized marriage (DeFi), with more than 2 million monthly active users. Slope, a rival wallet service, suffered a security breach in August that resulted in $8 million worth of assets being stolen from the Solana network.
60% of the people who were affected by the attack were Phantom users, even though Slope was where the issue started. This information comes from Austin Fedora, Solana’s head of communications after he did a post-mortem analysis. In July, Solana had $56.1 million in NFT sales volume; this placed them second most behind Ethereum, which amassed an impressive $535.6 million in sales according to CryptoSlam data.