Phantom is a simple to use Solana wallet built for NFTs and DeFi.
Note: A wallet will never dm you to ask for a secret recovery phrase.
Phantom is launching an NFT burn today across all devices. What is an NFT burn? Burning a token or an NFT means destroying it permanently. How does this occur? When you send your NFT to an un-spendable and verified address by a network, you burn the NFT. Your NFT is eliminated from the Blockchain completely.
Why Would You Burn an NFT?
1. Value management. Burning an NFT causes it to reduce in supply, therefore, increasing its value.
2. Token error. An NFT might have a token error, therefore, rendering it useless.
3. Excessive NFTs minted. When too many NFTs are minted, they become useless.
Reasons for the Phantom NFT Burn
Phantom wallet is looking to remove unwanted NFTs and reduce spam through the burn. Phantom wallet is also looking to improve phishing alerts after the burn. It will later on introduce automated spam detection.
Bonus: You will make some Solana in the process of burning your unwanted NFTs.
How to Actively Participate in Phantom Wallet NFT Burn
The process aims to safely remove spam NFTs and help you clean up your collectibles tab from right inside your wallet.
1. To remove spam NFTs, go to the Collectibles Tab.
2. Select the NFT you want to burn.
3. From the upper Right Menu, select the Burn Token function.
4. Congratulations. You have permanently removed the unwanted NFT.
5. You will receive your Solana ( Rent used to pay for your storage during your NFT burn).
How Phantom Wallet is Fighting Spam
Spam NFTs clutter wallets. They are not dangerous to burn, however, be careful to avoid these NFT links because they open room for phishing/scam.
Burning the spam NFT helps Phantom efforts towards fighting spam. The team is updating its spam and phishing list to prevent them from reaching users.
Phantom Wallet is also in collaboration with @blowfishxyz to introduce a new anti-phishing software. Phantom Wallet will issue a warning on any malicious transactions attempting to compromise user wallets.
I honestly have no idea who blowfishxyz is, maybe a crypto security engineer. Stay safe. Happy Burning!
Feeling generous?
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