Solana-based wallet provider Phantom has unveiled a burn NFTs feature that allows users to “burn” unwanted NFTs, serving as users’ protection from NFT scams.
Solana blockchain-based wallet provider Phantom Wallet has announced that it will release a new feature to amp up its security features. Phantom Wallet took to Twitter to announce the launch of the aptly-named Burn NFTs mechanism on its platform since it would allow users to burn spam NFTs permanently.
Phantom is launching the Burn NFTs feature to curtail malicious activities on the platform. It is also one way of bolstering its security.
More on the Burn NFTs Feature
On Thursday, the Phantom Wallet team posted a blog where they introduced a unique feature for the platform’s users. In particular, the new feature is meant to restrict spamming activities on users’ wallets.
As mentioned earlier, the feature is called Burn NFTs, and rightfully so, since it will allow users to remove spam and malicious links from hackers and scammers that have infiltrated the domain. NFT theft is prevalent in this particular industry, so this amped-up feature would help curb the influx of spam NFTs from attackers.
“We’re still in the Wild West days of Web3. As the crypto ecosystem grows, so have the number of bad actors looking for ways to steal users’ funds. The rapid growth in popularity of NFTs has led to an increasingly prevalent method of attack for scammers—spam NFTs,” stated Phantom.
The Era of Scammers
Indeed, this may well be the era of scammers who have gotten more potent in enticing users to click on phishing links. With just one click on a malicious link, a user can lose cryptocurrency funds, reveal private seed phrases, or drain digital assets from users’ connected wallets. In fact, this past summer, millions of dollars worth of assets and tokens were stolen from Phantom Wallet users.
Typically, when the Phantom team discovers harmful NFTs, they add the assets’ contract address and domain to Solana’s blocklist and log the project or website as spam. Nevertheless, with the continuous rise of phishing attacks, Solana took it upon itself to create a hopefully foolproof solution to provide users with a higher level of safety and control.
To make this new feature failsafe and protect the NFT community, Phantom partnered with Blowfish, an encryption algorithm, to provide the platform with a sophisticated spam system. With this system in place, Phantom would be in a better position to alert users of phishing attempts.
According to Phantom, their wallets became a significant target of hackers because of Solana’s low transaction fees and the exploited process of NFT airdrops. Because they wanted to build Solana’s value and owing to their commitment to curbing such instances, Phantom is determined to boost its security features.
How the Burn NFTs Feature Works
So how does the Burn NFTs feature work? Users need only to access the Burn NFTs feature to remove malicious links they have received in their wallets. The feature will automatically burn a selected NFT, permanently removing the token from the platform. Moreover, users will be eligible to receive a fixed amount of SOL every time they use the Burn NFT feature as “storage rent.” SOL is Solana’s native cryptocurrency.
“To remove unwanted wallet spam, simply select the NFT you want to burn in the Collectables tab and select the Burn Token function located in the top-right ellipsis menu,” read Phantom’s blog. “Once an NFT is burned, the token is permanently removed from the wallet, and you receive a small deposit of SOL that serves as the ‘rent’” used to pay for storage. And while spam NFTs clutter wallets, they are never dangerous to burn.”
According to the post, malicious links and NFTs users burn will be the firm’s marker for blocking their contract addresses and domain to remove them from the platform permanently.
“This builds upon the blocklist of spam and phishing NFTs we have been maintaining and open source with the community,” said the post. “When our full-time globally distributed team finds out about a scam NFT, the contract address and domain are added to a block list which hides the NFT from the wallet and creates a warning that the site is malicious.”
“When spam NFTs trick users into using a misleading site, we issue a warning on any malicious transactions that could compromise their assets or permissions.”
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