The Solana wallet launches NFT burning to win the “whack-a-mole” game
ALT HD: Will Phantom’s NFT burn launch be a game changer for Solana?
On Wednesday, Solana-based wallet provider – Phantom – announced the launch of NFT burning. Via the same, users can remove spam NFTs sent to them by fraudsters. It is a known fact that bad actors are always looking for ways to steal users’ funds and this initiative taken by Phantom is to curb the same.
Phantom’s blog post featured,
“Spam is a difficult problem to solve. Bad actors take advantage of Solana’s low transaction fees to exploit iconic mechanics of web3, such as NFT airdrops.”
Unsolicited NFTs usually claim to give users a gift if they click on a link in the description. Doing so, more often than not, leads them to a website where they are either asked to approve a transaction to create/claim a free token or are asked to enter the seed phrase. Following the instructions leads to partial/complete loss of funds. Per Phantom, the same can “feel like an endless game of mule”, but they are “committed to winning.”
So via the rollout of the burning function, users will have more control over the contents of the wallet. Every time users burn NFTs, they will also receive a small deposit on Solana.
The Solana ecosystem has been the victim of a number of hacks in the past. So now, with the burning mechanism in play, NFT-centric scams in the Solana ecosystem can be expected to decline.
Also Read: Solana wallets face ongoing attacks: Millions already stolen
How has it gone with Solana on the NFT front
Since the beginning of August, sales volume and the number of unique buyers in the Solana ecosystem have been down. In the last 24 hours, however, a modest improvement has been registered.
Per data from CryptoSlam, the sales figure has risen to $864k from yesterday’s $787k. The number of buyers on the side has jumped from 7.1 thousand to 7.7 thousand, which shows the interest of the participants.
It’s also worth noting that in the last 24 hours, the Ethereum blockchain had only promoted 18,533 NFT transactions, while Solana processed almost 2x of the same [30,033]. The same indicates that Solana currently has a dominant position in the NFT market. And the aforementioned Phantom initiative will help clean up the ecosystem and give Solana another edge over its peers.
