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.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.The service will be available on nearly 80 digital asset marketplaces, including the KnownOrigin NFT marketplace.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.
