Burn NFT was launched by Solana

Burn NFT was launched by Solana 1

Phantom is a Solana-oriented wallet services provider that has recently announced a new burn feature that will help in permitting the users to attain more protection against spam non-fungible tokens (NFTs). As per Cointelegraph, these types of NFTs are sent by scammers. As per the blog post made by Phantom, the new feature will be accessible through the Burn token tab in the Phantom wallet application. This will allow the users to receive a small deposit of Solana (SOL) in every use.

Phantom mentioned the NFT scammers issue and how it has been present on Solana due to low transaction fees. Through spam NFTs, a receiver attained the link to mint a free NFT. However, once the process gets completed, the wallet of the user gets empty from all the available funding. On the contrary, the link instructs the receiver to enter their seed phase, which would result in the same outcome. These scams are becoming sophisticated. Once the contract address and domain are identified as malicious, scammers can change the metadata of an NFT to try to avoid being blocklisted.

This initiative will aim to be a part of Phantom’s initiative against spam NFTs and bad actors in the sector. Phantom chooses to pick this method of fighting against scammers through its phishing warning system, which issues warnings to users if they click on dubious links. The post also emphasized Phantom’s partnership with Blowfish. This partnership will help in improving and alerting users to phishing attempts.

Moreover, as per the mark made by Cointelegraph, Phantom is considered one of the most popular wallet providers for Solana-based NFTs and decentralized finance (DeFi). As per the data list of CryptoSlam, it currently has more than two million active users. Solana gained $56.1 million in NFT sales volume in the month of July 2022, behind Ethereum, which posted $535.6 million.

Written by Srikanth

Passionate Tech Blogger on Emerging Technologies, which brings revolutionary changes to the People life.., Interested to explore latest Gadgets, Saas Programs

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