To defend Solana users from cryptocurrency scammers, Phantom, a Solana-based cryptocurrency wallet, revealed that users will be able to begin burning non-fungible tokens (NFTs). This is just weeks after the Solana blockchain was the target of the most recent cryptocurrency theft, in which thousands of users reported having their cash secretly taken from them.
Spam is a challenging issue to address. Bad actors are using Solana’s low transaction fees to abuse recognizable web3 mechanisms, like NFT airdrops, according to a blog post by Phantom. Users using NFT airdrops are frequently promised free NFT in exchange for clicking on a fraudulent link.
The ability for users to report and burn any harmful NFT has been included. To burn an NFT, choose it in the Collectables Tab, then click the Burn Token option in the top-right menu. According to a blog post by the business, “Once an NFT is burned, the token is permanently withdrawn from the wallet and you receive a little amount of Solana token that serves as the “rent” used to pay for storage.”
Typically, NFT scammers persuade users to accept a transaction to “mint” or “claim” a free NFT, but they lose their money. When prompted to enter their seed phrase, all their money is lost.
When multiple community members remotely burn a particular NFT, the Phantom team learns about it and adds it to a block list, hiding the NFT and generating a notice that the site is harmful.
“In the future, users can anticipate more automatic spam detection. We can determine whether an NFT is likely spam using services like SimpleHash and our internal reporting. The business said that we are eager to make this available to our users in the upcoming months.