Burn NFT is Launching On Phantom To Fight Unwanted Wallet Spam
Phantom, the top Solana-based wallet provider introduced an amazing feature in Phantom across all devices.
The update was revealed on its official Twitter handle, that the Burn NFT feature has been included in Phantom across all devices to fight the unwanted wallet spam.
The rate at which the bad actors are stealing users’ funds is appalling especially as the crypto ecosystem grows and the fast growth in NFT fame has resulted in the rise of a prevalent avenue of attack for Scammers, Spam NFTs.
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The scammers are growing sophisticated every day. Scammers claim to give users a gift/NFT, once the users click on the link in the description. It will lead them they will be asked to approve a transaction to mint or claim a free NFT, but in the long run, it leads to funding theft. Also, they asked to input their seed phrase, this will lead to a total loss of funds.
After successful execution, the scammers can change the metadata of an NFT to try to avoid being traced.
In this premise, the Phantom has to introduce this amazing feature, Burn NFT, to curb the activities of scammers. To get rid of the unwanted wallet spam, you will follow the following steps:
- Select the NFT you want to burn in the collectables Tab.
- Select the Burn Token function located in the top-right ellipsis menu
- Once an NFT is burnt, the token is completely removed from the wallet and you get a small deposit of SOL which serves as the RENT used to pay for storage
It is worth noting, that this build on the blocklist of spam and phishing NFTs being maintained and open source with the community. When the scam is detected, the contact address and domain are added to a block list which hides the NFT from the wallet and also creates awareness that the site is malicious.
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At the moment, there are over 800 mint addresses of malicious NFT collections and is integrated with how the scam is being identified in the site-blocking.
Detecting Spam is via a Phishing warning system. This is done through a partnership between the Phantom and the Blowfish to improve the rate of alerting the users of phishing attempts.
New Solana Space Will Bring People In Their Thousands
As previously reported by Cryptolifedigital, the CEO of Solana Spaces, Vibhu Norby stated that the new Solana Space opened in the swanky Hudson Yards New York will introduce up to 100k people every month to the Solana ecosystem which also revealed his intention of opening a virtual storefront in the future.
“I don’t think people realize this but we’re going to bring 50 to 100,000 people into Solana every month through these stores — and that’s just this year.”
Cryptolifedigital is a cryptocurrency blogger and analyst known for providing insightful analysis and commentary on the ever-changing digital currency landscape. With a keen eye for market trends and a deep understanding of blockchain technology, Cryptolifedigital helps readers navigate the complexities of the crypto world, making informed investment decisions. Whether you’re a seasoned investor or just starting out, Cryptolifedigital’s analysis offers valuable insights into the world of cryptocurrency.
