Phantom items were added around the time the Shadow Facility was.
Based off of Spectral Items, these items are more powerful then your usual equipment and come with random abilities from motivational comments while fighting, to ignoring fatigue when you kill someone in the wasteland. The downside to these items is they expire and are removed from your inventory after 15 to 45 minutes.

Acquisition

Whenever the Phantom Items are released into the Hive, they will be randomly distributed among those who choose to participate in the event, favoring more active players.
You may opt-out of receiving these items when they are randomly distributed, by going to Game Settings -> Phantom Event Participation.

If you aren't lucky enough to be given the item when they are released you can claim one through PVP.
When you kill someone, either in the hive or in the wasteland you will acquire one of the phantom items they have in their inventory or equipped.

It can be hard to tell who has the items, the best way is to use a targeting module. It costs 1 trade but will list every player with a phantom item, the item they have, where in the hive/wasteland they are and the % of time the item has remaining.

Stat Table

Weapons

	Name	Type	Rarity	Level	Dmg	Acc	Spd	Total Points	D.Skill	M.Skill	G.Skill	P.Skill
	Artifact Axe	Melee	Phantom	80	60-150	34		34	10	27
	Volt Whip	Melee	Phantom	80	35-55	120	120	240	40	60
	Infinite Void Bow	Projectile	Phantom	80	80-125	85	100	185	150			200
	Shard of Destruction	Melee	Phantom	80	110-140	40	500	540	40	60
	Phantom Toothbrush	Melee	Phantom	80	100-150	50	500	550	50	50

Armor

	Name	Rarity	Level	Armor	Dodge	Spd	Total Points	D.Skill	M.Skill	G.Skill	P.Skill
	Phantom Armor	Phantom	80	45	85	350	65
	Infinite Legion Armor	Phantom	30	130	65	225	150

Misc Items

	Name	Rarity	Level	Armor	Acc	Dodge	Spd	Total Points	D.Skill	M.Skill	G.Skill	P.Skill
	Forgotten Amulet	Phantom	80		50	50	500	600	50

Stats and Pictures