The Phantom app has launched a new feature that will allow its users to remove spam NFTs created by spammers.
The Solana-based wallet app, Phantom, recently launched a burn feature whose aim is set towards giving users the ability to remove spam NFTs sent to them by scammers.
The Phantom team sent in a blog post on the day announcing the feature and its accessibility via the Burn Token tab in the app. This will allow users to also take a small deposit of Solana (SOL) per each use.
“We’re still in the Wild West days of Web3. As the crypto ecosystem grows, so have the number of bad actors looking for ways to steal user’s funds. The rapid growth in popularity of NFTs has led to an increasingly prevalent method of attack for scammers – Spam NFTs,” said the Phantom team.
Noting that the situation has been consistent on Solana due to staggeringly low transaction fees allowing the reception of supposedly free NFTs containing malicious links.
NFT scams typically consist of different actions prompting the receiver to click a link for a new NFT. However, this link will, upon completion of the process, drain the funds from the recipients wallet.
“These scams are becoming increasingly more sophisticated. For instance, after a contract address and domain are identified as malicious, scammers can change the metadata of an NFT to try to avoid being blocklisted. It can feel like an endless game of whack-a-mole,” the Phantom blog.
Apart from an initiative by Phatom to combat NFT scams, the team said that it will fight scammers also through a phishing warning system.
“While we’re introducing NFT Burning today, we’re not stopping there. Users can look forward to more automated spam detection in the future. Using providers like SimpleHash and our own internal reporting, we will be able to gauge if an NFT is likely to be spam,” the post read.
Phantom is a popular wallet app for Solana based NFTs and DeFi assets, with over 2 million monthly users.