A new insurance for NFTs?

The blockchain has hit the headlines several times for a little over a year now, notably through the famous cryptocurrencies and NFT. NFTs, these digital assets could reach values ​​of several million dollars, pose ultimately insurance issues. What about today ?

New insurance offers are beginning to emerge for NFTs

Ensure the NFTs, these digital assets of a sometimes very high value, is an increasingly important issue for insurers. But today the related insurance offers do not swarm.

Specifically, the first insurance offer for NFT was launched about a year ago by Hong Kong start-up Yas. It was developed in partnership with the historic Italian insurer, Generali. The name of this contract “NFTY” refers in particular to an unpublished title by Singaporean composer Hanjin Tan.

Most other similar insurance offers are reserved for the sphere ofdigital art (image, music, video games…). However, areas of reflection are being built, particularly in auto insurance or life insurance. In this area, it is still a Hong Kong insurtech that wants to position itself, this time accompanied by the reinsurer Munich Re.

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A high-potential market for insurance

This start-up named OneDegree was created in 2016. Multi-product, it also received a virtual insurer license in 2020, anticipating its launch of new types of offers, including this offer dedicated to NFTs in partnership with Munich Re. just under 54 million euros.

This insurance called “Oneinfinity” aims to insure all types of digital assets; for its part, Munich Re will provide its capital in terms of reinsurance and underwriting support. These two companies are linked for a period of 3 years, which could allow the emergence of new products of this type.

NFTs, these increasingly popular digital assets

But why are NFTs so interesting? With the technology of blockchain and through decentralized chains, an NFT helps ensure the authenticity and uniqueness of a digital asset. Their speculative value can therefore be large. At the end of 2021, the value of digital assets was estimated at over $3 trillion (with the majority of the value located in cryptocurrencies). And with the potential opened up by metaversethis market could well grow and multiply its value in the years to come.

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