Insurance cover for NFTs rolled out by HARTi and Mitsui Sumitomo
by Harti and Mitsui Sumitomo are now offering insurance cover for NFTs. They announced that they will provide nonfungible token (NFT) insurance for all digital artworks displayed in the HARTi app. The insurance will be attached free of charge to the NFT pieces on display by sellers, with HARTi responsible for premium payments.
Mitsui Sumitomo will compensate owners of insured NFTs if their digital assets are compromised by unauthorized third-party access. This includes phishing, theft, or wallet hacks, or if transfers become bugged or glitched. In such cases, the policy will pay the NFT owner compensation based on the exhibition price of each item. Up to a maximum of 500,000 yen ($3,661). The two parties intend to expand their collaboration in mitigating the risks of NFTs in the future by providing policies with higher compensation limits. Insurance cover for NFT is a huge plus in security for it as an asset.
“The theme of safety and security is paramount for encouraging the entry of major Japanese companies into NFTs, including department stores, commercial facilities, and major brands. Therefore, we hope this new service will play a role in the safety of the domestic NFT secondary market.”
Yuya Yoshida, founder, and CEO of HARTi
“Considering the importance of insurance for the sound development of the domestic NFT secondary market,” Yoshida continued, “Mitsui Sumitomo Insurance developed the policy from the ground up, making it the first case in Japan.”. Investment bank Nomura and video game publisher Square Enix are two other Japanese corporate titans that have entered the crypto and NFTs space.
Insurance cover for NFTs is a step forward in the space. Bringing us closer to a digital economy. A place where the value of money shifts hands from its users for over decades. To a newer generation. one of innovation, transparency, and decentralization.