SNEAK PEEK
- Phantom has announced a burning feature to discard spam NFTs.
- The action will battle against spam NFTs and bad actors at the same time.
- Additional automated spam detection ways will be provided to users in the future.
Phantom, the Solana-themed wallet provider, has released a burning feature, thereby enabling users to discard spam NFTs that the scammers send.
As per a blog by Phantom, the latest feature can be availed through the Burn Token tab of the wallet application. Hence, users can get a minuscule deposit of SOL.
Phantom observed that the problem remains on Solana owing to the low transaction fees. Moreover, bad actors airdrop almost free NFTs that have malicious links within.
Generally, Spam NFT provokes the receiver to mint a free NFT by clicking a link. In another scenario, the link asks the receiver to enter the seed phrase, which leads to emptying the wallet.
As soon as the process ends, funds vanish from their wallet.
Once a domain and contact address are figured out as malicious, the metadata of an NFT is changed by the scammers, which prevents the users from blocklisting the scammers.
Phantom has adopted the move to counter not only spam NFTs but bad actors too. Another approach it uses against scammers is via the phishing warning system. The system warns the users regarding malicious transactions that can harm the assets and permissions if the suspicious links are clicked.
5/ We are also collaborating with @blowfishxyz to introduce a more advanced phishing warning system today.
— Phantom (@phantom) August 17, 2022
When spam NFTs trick users into using a misleading site, we issue a warning on any malicious transactions that could compromise their assets or permissions.
To enhance how it alerts users regarding phishing attacks, Phantom is partnering with Blowfish.
NFT Burning is being introduced, and users can expect more automated detection of spams in the coming time. Via the usage of SimpleHash and internal reporting, it is possible to determine if an NFT could be spam.
At $56.1 million, Solana had the second largest number of NFT sales volume in July. Ethereum with $535.6 million reserved the first place.
