‘NFTY’ is considered as a pioneering microinsurance product
Hong-Kong-based insurtech YAS has announced the launch of ‘NFTY’, the NFT microinsurance. It leverages blockchain technology that certifies a digital asset such as media, songs, arts, and collectibles to be unique and therefore not interchangeable.
YAS has teamed up with another insurance firm Assicurazioni Generali S.p.A. Hong Kong Branch (Generali) to co-develop “NFTY’.
According to information, ‘NFTY’ will be first used to cover the NFT of “Nobody Gets Me”. That’s a non-released song by Hanjin Tan, a Singaporean Chinese songwriter and music composer. The policy covers the theft and loss of the NFT for its buyer.
Microinsurance is expected to provide additional protection to help artists, composers, galleries and industry players reach out to a wider target audience.
PaySpace Magazine considers that the NFT increased popularity has already raised the question of how to keep them secure. This way, we can expect the emergence of new NFT insurance players in the nearest future to protect the tokens from theft or other malicious hacks.
We’ve reported that the Indian crypto exchange launched the NFT marketplace.