Phantom offers a new way to deal with NFT scams.
Phantom, a digital wallet operating on the Solana blockchain, has launched the “Burn NFT” feature as another way to fight against NFT scams.
According to the tweet thread shared by Phantom, the “Burn NFT” feature is a safe way to remove unwanted scams and keep the crypto community protected.
Did you know?
Want to get smarter & wealthier with crypto?
Subscribe – We publish new crypto explainer videos every week!
Phantom has also written a separate blog post announcing the launch of the new feature. The digital wallet notes that users have to choose the unwanted NFT in the Collectables Tab and select a Burn Token function “in the top-right ellipsis menu”.
After completing these steps, users will permanently delete unwanted NFTs from their wallets. On top of that, they will receive a small amount of Solana (SOL) as a reward.
According to the company, Solana’s ecosystem is frequently targeted by scammers due to low transaction fees. The scammers usually launch NFT airdrops, which claim to “give users a free gift/NFT if they click a link in the description”. In most cases, by clicking the malicious link users lose a part of their funds.
The “Burn NFT” feature is an additional measure taken to control the spread of scams across the platform. Phantom already has an open-source blocklist of spam and phishing NFTs. After the team of experts identifies the scam, it “hides the NFT from the wallet and creates a warning that the site is malicious”.
In the same post, Phantom also announced its collaboration with Blowfish to launch a new phishing warning system. This partnership will allow Phantom to warn users whenever they enter malicious sites.
Solana-based digital wallet finishes its blog post by noting:
While we’re introducing NFT Burning today, we’re not stopping there. Users can look forward to more automated spam detection in the future. Using providers like SimpleHash and our own internal reporting, we will be able to gauge if an NFT is likely to be spam. We are excited to roll this out to our users in the coming months.
In other news, Solana has recently opened its first physical retail store called Solana Spaces to educate people on Web3.
This article was originally published in Bitdegree and can be viewed here:
https://www.bitdegree.org/crypto/news/solana-based-phantom-rolls-out-nft-burning-feature
