The NFT Burn feature by 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 funds. The NFT Burn feature gives users higher control over the content that is in their wallets.
Users can remove the content by selecting it from the Collectibles Tab and choosing the NFT they want to burn. Once the digital token is permanently removed from the wallet, users earn a deposit in terms of SOL as rent.
The higher the number of NFTs burned through this feature, the higher the list of blocked addresses and contacts grows. Phantom has been maintaining its own list that has been created with the help of its team, which is actively working to identify a scam NFT and hide it from the wallet.
According to a number made public by Phantom in the announcement, over 800 mint addresses have been identified as spam for containing malicious NFT collections. Moreover, users can deploy a Phishing Warning System to join the fight against malicious actors. Phantom is planning to collaborate with Blowfish to offer something on a similar line, and the collaboration will aim to improve how users are alerted about a phishing attempt.
It currently functions by issuing a warning to the user when any malicious transaction is identified with the potential of compromising the assets and permissions of a user. Some of the best crypto wallets for 2022 have adopted a similar approach, ensuring that users have a better and safe 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 taking unhealthy advantage began with the rise of Web3. Improvements were happening, and the overall system was taking proper shape. During this phase, malicious actors started finding ways to exploit the mechanics like NFT airdrops. Span NFTs ask users to click a link for a free gift or a free NFT. The link redirects the users to a site where they either lose some of their funds or all of it in a few minutes.
Such sites ask users to approve a transaction to mint to claim their free non-fungible tokens. Users, instead, end up losing their funds. Users could also be asked to enter a seed phrase, resulting in the loss of the funds.
As time passes, malicious actors are only making their attacks more sophisticated. They are not difficult to be dealt with by the professionals, but since users are unaware of the ways, they lose funds and probably trust in the Web3 ecosystem.
Phantom’s NFT Burn feature is only a beginning, with more automated spam detection features coming in the future.