Solana Allows Users To “Clean Up” Their Wallets With New Security Features
Enabling users to “burn” unwanted NFTs for the first time in refining protection from scams.
Announced this week, the added wallet capability is in the ‘Burn Token’ tab located inside the Phantom wallet application.
The technology involved in this feature allows users to select the NFT(s) they want to burn in order to permanently remove them from their Phantom wallets.
Additionally, the holder will receive a tiny amount of SOL for the “rent” that was used to pay for storing the specific NFT.
1/ Today, NFT burning is launching on Phantom across all devices! ?
Safely remove spam and clean up your Collectibles tab, all from right inside the wallet.
As an added bonus, when you burn those unwanted NFTs, you even make some SOL in the process. pic.twitter.com/aHHAyUqldP
— Phantom (@phantom) August 17, 2022
“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 users’ funds. The rapid growth in popularity of NFTs has led to an increasingly prevalent method of attack for scammers – Spam NFTs,” stated Phantom.
Scammers have gained power in luring users to click malicious links, better known as “phishing links” that can cause users to lose crypto funds, reveal private seed phrases, or drain connected wallets of their digital assets.
When the Phantom team discovers harmful NFTs, the asset’s contract address and domain are added to Solana’s blocklist — logging the project or website as spam.
The continued rise of phishing attacks has prompted Solana to create this solution aimed at providing a higher level of safety and more control for its user base.
In further efforts to protect the NFT community, Phantom has partnered with Blowfish, an encryption algorithm to offer a sophisticated spam system for the platform. This will expand Phantom’s ability to alert users of phishing attempts.
Millions of dollars in assets and tokens have been stolen from holders’ Phantom wallets this past summer.
Phantom claims that hackers have significantly targeted their wallets given Solana’s low transaction fees mixed with the exploited process of NFT airdrops.
Committed to decreasing these instances and building Solana’s value, Phantom has promised to continue improving automated spam detections to determine the safety of NFTs prior to entering users’ wallets.
In other NFT news, HNDSM reveals its CryptoPunk Capsule with Punk #1338 merchandise.