YAS Group (BVI) Ltd (YAS), an insurance company using blockchain technology from Hong Kong, teamed up with Avata. An insurtech company, to launch The World’s First NFT Insurance.
To cover some cyber attacks and dangers related to potential exploitation of digital asset contracts, this insurance service is purchased and issued at the checkout step of NFT purchases.
They also cooperated with many actors, including NIBIRU, Pluck, Bapes, Wert, and iKonic. Whose combined NFT transaction value exceeded US$ 500 million. Insurance for NFT usually ranges from 0.05 – 0.1 ETH.
Insurance Service Target of YAS and Avata
The goal of YAS and Avata is to make NFT insurance services necessary for each and every transaction. They target museums, independent artists, game publishers, and NFT initiatives that have been audited.
To protect against the risk of assets being intercepted during the transfer by hackers, a sort of digital crime that is frequent among game developers and players, The World’s First NFT Insurance itself typically ensures the transfer of important assets.
Co-founder and CCO of Avata Joachim Rittfeldt Hofvenschiöld continued, “We are thrilled to launch the first global NFT insurance solution”.
After last year’s NFT excitement and the increasing price of cryptocurrencies, YAS co-founder Andy Ann said, “We thought it was time for the market to settle down and rethink the genuine worth of NFT in the economy”.
How NFT works
NFT was created on the Ethereum blockchain when it was originally introduced in 2014 or such. Just to mention, there is a cryptocurrency called ether on this blockchain.
NFT digital data storage solutions will be housed on blockchains like Ethereum. Data transit is made possible via this blockchain’s encryption technology. Users can now communicate data securely to one another without worrying about it being stolen or taken by unauthorized parties.
The phrase non-fungible token (NFT) has gained a lot of attention over the past 12 months. This digital asset market is expanding in step with its rising popularity. We also chuckle at the transaction value of this digital asset. Hence the article that discusses The World’s First NFT Insurance in history.
