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Phantom, a Solana-based wallet provider, has introduced a new burn function that allows customers to eliminate spam <a href="https://www.coingabbar.com/en/crypto-blogs-english/how-to-create-nft" rel="noopener noreferrer nofollow">non-fungible tokens (NFTs)</a> received by fraudsters.According to the Phantom team’s Aug. 18 blog post, the new feature is accessible via the Burn Token page in the Phantom wallet app, and it allows users to get a small deposit of Solana (SOL) each time they utilize it.“We’re still in the<a href="https://www.coingabbar.com/en/crypto-blogs-english/cryptocurrency-important-web-three-platforms" rel="noopener noreferrer nofollow"> Web3 Wild West</a>. The number of bad actors seeking for methods to steal users’ assets has increased as the crypto ecosystem has grown. The tremendous rise in popularity of NFTs has resulted in a new type of attack for scammers: Spam NFTs.”Phantom reported that the issue has been particularly prominent on Solana owing to its low transaction costs, with bad actors frequently airdropping supposedly free NFTs with malicious links in large numbers.Spam NFT generally prompts the recipient to visit a link to mint a free NFT, but if they do so, their money is siphoned from their wallet. Alternatively, the link will prompt the recipient to enter their seed phrase, resulting in the same consequence.“These scam games are growing more complex. Scammers, for example, might modify the metadata of an NFT to avoid being blacklisted when a contract address and domain are discovered as malicious.” The blog article stated that “it can feel like an unending game of whack-a-mole.”The move is part of Phantom’s larger effort to combat spam NFTs and undesirable actors in the area. The company also noted that it battles fraudsters using its phishing warning system, which alerts users to any malicious transactions that may jeopardize their assets or authorization once they click on doubtful links.The post added that Phantom is presently cooperating with Blowfish to improve how we warn users about phishing attacks.“We’re not done yet with the introduction of non-fungible token (NFT) Burning… In the future, users should expect more automatic spam detection. Using suppliers such as SimpleHash and our own internal data, we will be able to determine if an NFT is likely to be spam,” according to the post.The company said Phantom is one of the most popular wallet providers for Solana-based NFTs and decentralized fiance (DeFi), with over 2 million monthly active users.According to statistics from sources, Solana had the second highest amount of NFT sales volume in July, with $56.1 million, trailing only Ethereum, which had a massive $535.6 million.

Top cryptocurrency news: Solana wallet ignites the grill to burn spam NFTs out of existence

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