Solana’s Phantom Wallet Goes Multichain, Overhauls NFTs

• Phantom Wallet now includes support for Ethereum and Polygon alongside Solana.
• Earlier, Phantom explained why it is going multichain. 
• Multichain functionality is just the latest of Phantom’s upgrades. 

The future will be multichain, a sentiment echoed by many in the crypto space. Phantom is one project moving in that direction. 

Solana’s flagship self-custodial wallet Phantom Wallet is broadening its scope by adding support for Ethereum and Polygon networks. 

Phantom Goes Multichain, with Ethereum and Polygon Support

On Monday, May 1, Phantom announced that its multichain feature is up and running. Phantom users will now be able to manage their NFTs and tokens on Ethereum, Polygon, and Solana. 

The new upgrade will enable users to use decentralized applications (dApps) across chains seamlessly. Specifically, the wallet will automatically connect to the appropriate network without manual switching.

With this move, Phantom aims to make itself more versatile and user-friendly for a broader set of crypto traders. The multichain features appeal especially to NFT users, which can now manage their NFTs on multiple chains. 

Phantom Adds More Features For NFT Management

In addition to the multichain functionality, Phantom introduced more features, including better NFT management and enhanced security. 

Phantom’s new NFT management features let users search, pin, and manage listings on marketplaces directly within the wallet. The system will also enable users to hide spam NFTs from view. 

The wallet also features a security upgrade, which lets users preview transactions in an easy-to-read format. The wallet will also have an automated blocklist to help prevent malicious transactions.

On the Flipside

• Phantom first announced going multichain in November 2022, to capitalize on the diminishing popularity of centralized exchanges. Since the fall of FTX, users have been looking for alternative solutions for crypto custody. 
• Ethereum is by far the largest smart-contract network in the world, both in terms of market cap and total value locked. On the other hand, Polygon is the most popular scaling solution for Ethereum. 

Why You Should Care

Solana is betting that Phantom’s growing market share among self-custodial wallets will ultimately bring more users to its network.