ALT HD: Will Phantom’s NFT-burn launch be a game-changer for Solana?
On Wednesday, Solana-based wallet provider—Phantom—announced the launch of NFT burning. Via the same, users can remove spam NFTs sent to them by scammers. It’s a known fact that bad actors are always on the lookout for ways to steal users’ funds, and this initiative taken by Phantom is to limit the same.
Phantom’s blog post highlighted,
“Spam is a hard problem to solve. Bad actors are taking advantage of Solana’s low transaction fees to exploit iconic mechanics of web3, such as NFT airdrops.”
Unwanted NFTs usually claim to give users a gift if they click on a link in the description. Doing so, more often than not, leads them to a site where they’re either asked to approve a transaction to mint/claim a free token or are asked to input their seed phrase. Following the prompts leads to partial/complete loss of funds. Per Phantom, the same “can feel like an endless game of whack-a-mole,” but they’re “committed to winning.”
So, via the rollout of the burn feature, users will be given more control over the contents of their wallets. Every time users burn NFTs, and they’ll also receive a small deposit of Solana.
The Solana ecosystem has been victim to a host of hacks in the past. So now, with the burning mechanism in play, NFT-centric scams in the Solana ecosystem can be expected to go down.
How has Solana been faring on the NFT front
Since the beginning of August, the sales volume and the number of unique buyers in the Solana ecosystem have been down. However, over the past day, a modest recovery has been noted.
Per data from CryptoSlam, the sales figure has notched up to $864k from yesterday’s $787k. The number of buyers, alongside, has jumped from 7.1k to 7.7k, bringing to light the rekindling interest of participants.
It is also worth noting that in the past 24 hours, the Ethereum blockchain had fostered only 18,533 NFT transactions, while Solana processed almost 2x of the same [30,033]. The same indicates that Solana currently holds a commanding position in the NFT market. And the discussed Phantom initiative will aid in tidying up the ecosystem and giving Solana another edge over its peers.