- HARTi and Mitsui Sumitomo are launching a new form of NFT insurance in Japan.
- All NFTs up to a value of $3,661 are automatically protected by the insurer.
- More security and protection should ensure more trust and attract large companies to the market.
The Japanese NFT platform HARTi and the insurance company Mitsui Sumitomo (三井住友海上) have announced that they are jointly launching an NFT insurance for all digital artworks in the HARTi app. The corresponding insurance will automatically apply to each Non-Fungible Token (NFT) without incurring any costs for the users. The insurance premium will be covered by HARTi.
As part of the insurance, Mitsui Sumitomo will pay damages for all NFT users whose digital collectibles are damaged or stolen by unauthorized third parties (for example, by phishing or hacker attacks). In such cases, the insurer will make compensation payments to the affected owners, which are based on the prices of the respective NFTs and can amount to a maximum value of 500,000 yen (3,661 US dollars). At a later date, the two partners intend to further expand their cooperation in order to minimize the risk of investing in NFTs. Accordingly, significantly higher maximum values could be set in the future.
Yuya Yoshida, the Managing Director of HARTi, explains in this context:
“Security and protection are essential to be able to get large Japanese companies excited about NFTs […]. We hope that our new insurance service will ensure that there will be significantly more security on the domestic NFT secondary market in the future.“
Yoshida continues: “In view of the importance of reliable insurance coverage for the further development of the domestic NFT market, Mitsui Sumitomo Insurance has developed a completely new form of insurance that is unique in Japan so far.“
An important project, because recently more and more large Japanese companies are trusting in NFTs. In addition to the investment bank Nomura, the influential video game manufacturer Square Enix is now also trying out digital collectibles.
– Yuya Yoshida｜HARTi Inc. (@yosshii_1) July 25, 2022