New Phantom Wallet Feature Helps Users Eliminate Spam NFTs

The Phantom wallet app has launched a new Burn Token feature, which allows users to weed out spam NFTs sent from scammers. Users will receive a small deposit of termite SOL when using the feature.

On August 17, Solana-based wallet provider Phantom has launched a new burn feature that allows users to remove spam non-fungible tokens (NFTs) sent by scammers.

According to the announcement posted on the platform’s blog, when using this service, users will receive a small deposit of SOL that serves as the “rent” used to pay for storage.

Phantom notes that this problem is particularly prevalent on Solana due to low transaction fees, with bad actors regularly spreading free NFTs that are believed to contain malicious links.

NFT spam often prompts recipients to click a link for free NFT, however, if they complete the process, their funds will eventually be drained from their wallet. Additionally, the link will ask the recipient to enter their seed phrase, resulting in the same result.

The move is part of a broader initiative by Phantom to counter spam NFTs and bad actors in the space. The team stated that it also fights scammers through its phishing warning system, which issues warning to users on “any malicious transactions that could compromise their assets or permissions” after clicking on dubious links.

Phantom is one of the most popular wallet providers for Solana-based NFTs and decentralized fiance (DeFi), with more than 2 million monthly active users according to the firm. For more and more sophisticated scams, this new feature of Phantom wallet is considered a novelty suitable for the market, users can have more peace of mind when conducting their transactions.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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