- The new NFT burning feature launched by Phantom will help users to permanently burn NFT spam
- The initiative was launched to curb malicious activities on Phantom and strengthen its security
Solana’s blockchain-based Phantom wallet is expanding its security capabilities by launching a new mechanism called “Burn NFTs” on its platform.
The new feature will allow users to remove spam NFTs sent by attackers and assist them in curbing industry-widespread NFT thefts.
Phantom Wallet launches the Burn Nfts feature to curb spamming and illegal activities on its platform
In a blog uploaded Thursday, the Phantom Wallet team introduced a special feature for its users to limit spamming activities on the platform. Dubbed “Burn NFT”, the feature will allow users to remove spam and malicious links sent by hackers and scammers across the domain.
Users will be able to remove any malicious links they have received in their wallet by simply accessing the NFT burning feature. The function will burn the selected NFT, resulting in the permanent deletion of the token from the platform. Users will also be entitled to receive a fixed amount of SOL as “storage rent” whenever they use the NFT burning mechanism.
“To remove unwanted spam from your wallet, simply select the NFT you wish to burn in the Collectables tab and select the Burn Token function located in the ellipsis menu at the top right. Once an NFT is burned, the token is permanently removed from your wallet and you receive a small deposit of SOL that serves as a “rent” used to pay for storage. And while spam NFTs clutter your wallets, they’re never dangerous to burn. “
The post also adds how malicious links / NFTs burned by users will serve as an indicator for the company to block contract and domain addresses to permanently remove them from the platform.
“This is based on the NFT spam and phishing block list that we have maintained and open source with the community. When our full-time globally distributed team discovers an NFT scam, the contract address and domain are added to a block list that hides the NFT from the wallet and creates a warning that the site is malicious. “
Phantom also noted that the growing spam and malicious activity on the platform was largely prevalent due to its low transaction fee policy.
Phantom’s move to curb spam and malicious activity on its platform is part of a broader initiative that includes solid partnership with Blowfish to combat scam and phishing activities in the web3 industry. As part of this new initiative, the platform is poised to launch another new feature that will send an alert to its users every time they click on a malicious link.
“When spam NFTs trick users into using a misleading site, we issue a warning about any malicious transaction that could compromise their resources or permissions.”
Solana’s Phantom wallet was recently compromised by malicious actors, resulting in the wallet losing nearly $ 8 million in user funds. The new initiative was launched to strengthen wallet security and curb any malicious activity that could jeopardize stored users’ assets and funds.
Image: phantom wallet / Twitter