Imagine having your NFT compromised. Now imagine your NFT is insured.
on Tuesday, Japanese NFT Platform HARTi and insurance group Mitsui Sumitomo will roll out nonfungible token, or NFT, insurance for all digital artworks exhibited within the HARTi app. The insurance will attach to the NFT pieces on display by sellers free of charge, with HARTi responsible for the premium payments.
Under the scheme, Mitsui Sumitomo will compensate owners of insured NFTs if their digital assets are compromised by unauthorized third-party access or become bugged or glitched during transfers. In such events, the policy will payout compensation to the NFT owner based on the exhibition price of each item and up to a maximum value of 500,000 yen .
Yoshida continued:"Considering the importance of insurance for the sound development of the domestic NFT secondary market, Mitsui Sumitomo Insurance developed the policy from scratch, making it the first case in Japan." Other
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