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Solana-based Phantom wallet introduces burn NFT feature along with SOL rewards

Posted on by admin
Solana 1
18
Aug
  • Phantom allows users to remove unwanted and spam NFTs from their wallets saving them from any phishing attacks.
  • Phantom is also working on bringing automated spam detection features in the future via providers like SimpleHash.

On Wednesday, August 17, Solana-based cryptocurrency wallet Phantom announced a new feature for burning non-fungible tokens (NFTs). Over the last year, the NFT industry has expanded very rapidly, however, there’s an equally fast expansion of NFT scams taking place in the market.

To address this matter, Phantom has come up with its NFT burning feature. Furthermore, Phantom will also be rewarding people in SOL tokens, who participate in burning unwanted NFTs. The official announcement from Phantom reads:

In an effort to protect and give users more control over the contents of their wallet, we are excited to introduce the Burn NFT feature in Phantom across all devices.

Safely remove spam and clean up your Collectibles tab, all from right inside the wallet. As an added bonus, when you burn those unwanted NFTs, you even make some SOL in the process.

Some of the top tech organizations like Meta and others have been indulging in launching their own NFTs in the market. But as said, NFT spams have been rising pretty fast. As a result, there has also been a major plunge in the NFT trading volumes this year. Recently, European Union officials are working to introduce NFTs under its markets in crypto-assets (MiCA) laws. As a result, NFTs will get a similar regulatory treatment to that of cryptocurrencies.

Steps to remove unwanted NFTs from Phantom

In its recent blog post, the Phantom wallet has come up with detailed steps for users to burn their unwanted NFTs. Users need to follow the following steps:

In the Collectibles Tab, select the NFT that you want to burn and then select the Burn Token function located in the upper right menu. This will remove the NFT token permanently will receive SOL rewards or the “rent” that was used to pay for storage.

Phantom says that the spam NFTs necessarily clutter the wallets but they are not dangerous to burn. Also, users need to carefully avoid their links as they can expose them to scams/phishing leading to major wallet exploits. The Phantom NFT burning is an easy walk to clean up the wallets. Phantom added:

Our full-time globally distributed team has built and maintained an extensive open-source blocklist of scam and phishing NFTs that automatically stops them from getting to the wallet. We are also collaborating with @blowfishxyz to introduce a more advanced phishing warning system today.

Phantom said that they will issue a warning anytime spam NFTs trick users into a misleading site. Besides NFT burning, Phantom is also working on bringing automated spam detection features 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,” it said.

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