Phantom, a leading Solana-based wallet, has introduced new security features aimed at limiting spamming activities on its platform.
The new mechanism, called “Burn NFTs,” will allow users to remove spam NFTs and malicious links sent by potential hackers. The move is expected to curb NFT theft, which has become quite prevalent in the sector.
As the name implies, the “Burn NFTs” feature will permanently remove the said NFT from the platform. Meanwhile, users are entitled to a fixed amount of SOL every time they used the burn NFT mechanism.
“To remove unwanted wallet spam, simply select the NFT you want to burn in the Collectables tab and select the Burn Token function located in the top-right ellipsis menu. 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 company explained in a Wednesday post.
Moving forward, Phantom will use the malicious links and NFTs burned by users as a maker to block the contract addresses and domain names of shady actors from its platform.
This builds upon the blocklist of spam and phishing NFTs we have been maintaining and open source with the community. When our full-time globally distributed team finds out about a scam NFT, the contract address and domain are added to a block list which hides the NFT from the wallet and creates a warning that the site is malicious.
Phantom goes on to blame the growing number of NFT spams and malicious activities on its platform on its low transaction fee policy. Recall that the wallet was recently compromised, resulting in the loss of nearly $8 million worth of user funds.
So far, the new feature has been welcomed with open arms, with over 25,000 NFTs being in the first 24 hours.