Crypto hacks are on the rise. Crypto hackers have been seeping into the crypto world and have started stealing from your precious world. To keep the digital financial world safe for you Phantom wallet has introduced the “burn NFT feature”.
This feature gives users SOL token rewards for reporting spam to stop the widespread fraud in the cryptocurrency market.
The announcement was made shortly after a significant hacking attempt in the first week of August on the cryptocurrency wallet’s headquarters. The thieves stole approximately $5.2 million in cryptocurrency after breaking into approximately 8,000 Solana-based cryptocurrency wallets, primarily Phantom wallets.
You must be wondering what is this burn NFT feature and how will it benefit the Solana network. Before we dive into that conversation let’s take a closer look at the burn NFT feature of Phantom.
BURN NFT FEATURE: WHAT IS IT?
Phantom recently revealed the details of this feature, saying that users could find the new feature in the Phantom wallet app as well as the Phantom wallet extension known as the Collectible tab. Furthermore, it stated that when a burned token is removed from the wallet, users will be rewarded with SOL tokens as "rent."
When a specific scam NFT is detected, the Phantom's team will block the contract addresses and domains. This action will aid in the removal of the fraudulent or malicious NFT from the wallet.
Phantom hopes to reduce hacking attacks by compiling and sharing a list of spam and phishing NFTs with the global crypto community.
PHANTOM’S SOLUTION TO FIGHT AGAINST SPAM NFTS
I am excited to introduce you to the Burn NFT feature in Phantom across all devices to protect and give users more control over the contents of their wallets.
To get rid of unwanted wallet spam, go to the Collectables Tab, select the NFT you want to burn, and then click the Burn Token button in the top-right ellipsis menu. When you burn an NFT, the token is permanently removed from your Phantom wallet, and you receive a small deposit of SOL as "rent" to pay for storage. Furthermore, while spam NFTs clog wallets, they are never dangerous to burn.
IN A NUTSHELL
Phantom is not stopping with the introduction of NFT Burning today. In the future, users can expect more automated spam detection. We will be able to determine whether an NFT is likely to be spam by using providers such as SimpleHash and our internal reporting. We are very excited to make this available to our users in the coming months.
If you have any questions as a user, the Phantom Support team would love to hear from you. Please feel free to contact them if you want more information on how Phantom combats spam or want to report a security finding.
So till next time