The Burn NFT feature of Phantom goes live on all devices
The NFT Burn feature from Phantom is now live on all devices. The feature aims to protect users from spam content that malicious actors on the internet create to steal their money. The NFT Burn feature gives users greater control over the contents of the wallet.
Users can remove the content by opting out The Collectibles tab and select the NFT they wish to burn. Once the digital token is permanently removed from the wallet, users earn a deposit in the form of SOL as rent.
The higher the number of NFTs burned through this feature, the higher the list of blocked addresses and contacts. Phantom has maintained its own list created with the help of its team, which actively works to identify a fraud NFT and hide it from the wallet.
According to a number released by Phantom in the announcement, over 800 mint addresses have been identified as spam for containing malicious NFT collections. Also, users can distribute a Phishing Alert System to join the fight against malicious actors. Phantom plans to partner with Blowfish to offer something along similar lines, and the collaboration will aim to improve how users are notified of a phishing attempt.
It currently works by issuing a warning to the user when a malicious transaction is identified with the potential to compromise the assets and permissions of a user. Some of best crypto wallets for 2022 has adopted a similar approach, to ensure that users have a better and safer experience on their platform at all times. Spamming has always been a tough nut to crack, with many believing that the problem will not go away easily.
The process of exploiting unhealthy advantages began with the rise of Web3. Improvements were made, and the overall system took shape. During this phase, malicious actors began to find ways to exploit mechanics like NFT airdrops. Span NFTs ask users to click on a link for a free gift or a free NFT. The link redirects users to a website where they either lose some or all of their money within a few minutes.
Such sites ask users to authorize a transaction to coin to claim their free non-fungible tokens. Users instead end up losing their money. Users may also be asked to enter a seed phrase, resulting in the loss of the funds.
As time goes on, malicious actors only make their attacks more sophisticated. They are not difficult to handle by professionals, but since the users are not aware of the ways, they lose money and probably have confidence in the Web3 ecosystem.
Phantom’s NFT Burn feature is just the beginning, with more automated spam detection features coming in the future.
