NFT warranties can help mass adoption of the technology, says Web3 exec
The Web3 space has seen its fair share of exploits in the recent past, with more than $320 million exploited by hackers in the first quarter of 2023. For many users, particularly prospective users, securing their digital assets is a top priority. A new nonfungible token (NFTs) warranty service from Web3 payment provider Wert and insurtech service Avata is trying to troubleshoot the asset security gap for both active and prospective collectors.
According to the announcement, the opt-in warranty for NFTs will cover up to 90% of the value of the digital assets for any NFTs compromised in a smart contract hack. Cointelegraph spoke with George Basiladze, the co-founder and CEO of Wert, who said a solution like this helps bridge the “trust” gap, while offering needed protection to an array of collectors. The service will be available on nearly 80 digital asset marketplaces, including the KnownOrigin NFT marketplace. According to Basiladze, the NFT protection will be charged at 6% of the asset cost at checkout, and coverage will be calculated by the purchase price rather than the current market value.
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