Solana wallet lights the grill to eliminate NFT spam

Solana-based wallet provider Phantom has launched a new burning feature allowing users to remove spam non-fungible tokens (NFTs) sent by ...



Solana-based wallet provider Phantom has launched a new burning feature allowing users to remove spam non-fungible tokens (NFTs) sent by scammers.

According to an August 18 blog post from the Phantom team, the new feature is accessible through the Burn Token tab in the Phantom wallet app, allowing users to receive a tiny deposit of Solana (SOL) each time they use it.

“We are still in the era of the Wild West of Web3. As the crypto ecosystem grows, so does the number of bad actors looking for ways to steal user funds. The rapid growth in popularity of NFTs has led to an increasingly popular attack method for scammers – Spam NFTs.

Phantom noted that the problem was particularly widespread on Solana due to its low transaction fees, with bad actors often mass-distributing supposedly free NFTs that contain malicious links.

NFT spam usually prompts the recipient to click on a link to create a free NFT, however, if they complete the process, their funds will eventually drain from their wallet. Alternatively, the link will ask the recipient to enter their seed phrase, which will achieve the same result.

“These scams are getting more and more sophisticated. For example, after a contract address and domain are identified as malicious, scammers can modify an NFT’s metadata to try to avoid being blocked. It can feel like an endless game of whack-a-mole,” the blog post read.

The move is part of a larger initiative by Phantom to combat NFT spam and bad actors in space. The team said it also combats scammers with its phishing warning system, which warns users of “any malicious transactions that could compromise their assets or permissions” after clicking on questionable links.

The post added that Phantom is currently working with Blowfish to improve how “we alert users to phishing attempts.”

“As we introduce NFT Burning today, we’re not stopping there. Users can expect more automated spam detection in the future. Using providers like SimpleHash and our own internal reports, we will be able to assess whether an NFT is likely to be spam,” the post read.

Related: Crypto Spam Grows 4,000% in Two Years — LunarCrush

Phantom is one of the most popular wallet providers for Solana-based NFTs and decentralized fiances (DeFi), with over 2 million per month asset users depending on the company.

In early August, competing holding company Slope suffered a security exploit that saw a funds estimated at $8 million drained on the Solana blockchain.

In a post-mortem analysisSolana communications manager Austin Fedora discovered that 60% of attack victims were Phantom users, despite the issue stemming from Slope.

Solana hosted the second highest NFT sales volume in July at $56.1 million, behind only Ethereum which posted a whopping $535.6 million according to Data from CryptoSlam.