Solana Fires Away as it Introduces NFT Burning Feature

Solana’s Phantom wallet app has launched a new burn token feature that will allow users to permanently remove spam NFTs.
Use of the new feature will see the user rewarded in Solana (SOL).

Solan-based wallet provider has 800+ mint addresses of malicious NFT collections, on its blocklist, but with this list ever-growing, the platform has sought to look for a more active way to get rid of the menacing problem.

According to a post from earlier today, Solana-based wallet provider Phantom has launched a new burn feature. Users can now permanently remove spam non-fungible tokens (NFTs) sent by scammers. In a post from earlier today, the platform notes that given the space is in its hay days, the number of bad actors remains high and the growth of NFTs has led to an increase in new methods for bad actors to attack.

Bad actors have particularly taken advantage of Solana’s low transaction fees often airdropping supposedly free NFTs en masse which contain malicious links.

1/ Today, NFT burning is launching on Phantom across all devices! 🔥

Safely remove spam and clean up your Collectibles tab, all from right inside the wallet.

As an added bonus, when you burn those unwanted NFTs, you even make some SOL in the process. pic.twitter.com/aHHAyUqldP

— Phantom (@phantom) August 17, 2022

In a blog post, the platform further notes that those users who take up this initiative to clean up the ecosystem will get rewarded with Solana (SOL) tokens. The blog noted;

Once an NFT is burned, the token is permanently removed from the wallet and you receive a small deposit of SOL that serves as the “rent” used to pay for storage. And while spam NFTs clutter wallets, they are never dangerous to burn.

The post notes that this is not the only way it deals with NFT spam. It has collaborated with Blowfish to introduce improvements to how we alert users to phishing attempts. They issue a warning on any malicious transactions that could compromise users’ assets.

We are not stopping here- Solana

Furthermore, with bad actors always looking for new ways to get into unsuspecting investors’ wallets, Phantom plans to continue finding new solutions. It concludes that it is looking into more automated detection systems.

Using providers like SimpleHash and our own internal reporting, we will be able to gauge if an NFT is likely to be spam. We are excited to roll this out to our users in the coming months.

Phantom is a friendly Solana wallet that allows users to easily and safely store, buy, send, receive, swap tokens and collect NFTs on the Solana blockchain. Its safety has recently been validated after its infrasturucture withheld the $4 million exploit that affected over 8,000 SSolana wallet users. From various investigations, it was clear that Phantom wallet users were unaffected by the broad exploit.

1/ After almost a week of investigation, our team has not found any evidence that Phantom's systems were compromised during the August 2nd security incident.

Work is still ongoing, but given the seriousness of the situation, we want to give an update on what we have done so far.

— Phantom (@phantom) August 9, 2022