Phantom wallet introduces burn NFT feature along with SOL rewards
- Phantom allows users to remove unwanted NFTs and spam NFTs from their wallets and save them from phishing attacks.
- Phantom is also working on bringing automatic 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 (NFT). Over the past year, the NFT industry has expanded very rapidly, but there is an equally rapid expansion of NFT scams in the market.
1/ Today NFT burning is launched on Phantom across all devices! 🔥
Safely remove junk mail and clean up the Collectibles tab, all from right inside your wallet.
As an added bonus, when you burn those unwanted NFTs, you even make some SOL in the process. pic.twitter.com/aHHAyUqldP
— Phantom (@fantom) 17 August 2022
To solve this issue, Phantom has come up with its NFT burning feature. Furthermore, Phantom will also reward 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 their wallet contents, we are excited to introduce the Burn NFT feature in Phantom across all devices.
Safely remove junk mail and clean up the Collectibles tab, all from right inside your 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 indulged in launching their own NFTs in the market. But as I said, NFT spam has increased quite rapidly. As a result, there has also been a big drop in NFT trading volumes this year. Recently, EU officials are working to introduce NFTs under their Markets in Crypto Assets Act (MiCA). As a result, NFTs will receive similar regulatory treatment to 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 must follow the following steps:
In the Collectibles tab, select the NFT you want to burn, then select the Burn Token feature in the top right. This will permanently remove the NFT token will receive SOL rewards or the “rent” that was used to pay for storage.
Phantom says that the spam NFTs necessarily fill the wallets, but they are not dangerous to burn. Users must also carefully avoid their links as they may expose them to scams/phishing that lead to large wallet exploits. The Phantom NFT burn is an easy ride to clean up your wallets. The Phantom added:
Our full-time globally distributed team has built and maintains a comprehensive open source blocklist of fraudulent and phishing NFTs that automatically stops them from reaching your wallet. We also collaborate with @blowfishxyz to introduce a more advanced phishing alert system today.
Phantom said it will issue a warning anytime spam NFTs lure users to a deceptive website. In addition to NFT burning, Phantom is also working on bringing automatic spam detection features in the future. “Using providers like SimpleHash and our own internal reporting, we will be able to measure whether an NFT is likely to be spam,” it said.
